Unchained Music Unchained Music (UM) produces two acoustic and two electric guitars: the Jerry, the Layne, the Mike, and the Sean. Despite an increase in the volume of orders, UM's profits are declining. New competitors entered the market, which forced the UM to carefully revise its pricing strategy and reduce its costs. Yet, gross profits mysteriously seem to continue shrinking. The direct labour rate is $35 per hour, and direct labour is a variable cost. The cost driver used to allocate manufacturing overhead costs to products at UM is calculated by dividing the total manufacturing overhead costs by the total planned capacity in direct labour hours. Planned capacity is 80,960 direct labour hours per year. The total manufacturing overhead cost is $339,750 per year and none of it is attributable to products so cannot be saved if a product is dropped. The owners of UM, two brothers, want to identify and drop any guitar that is not profitable, that is, any product that would show a negative gross profit. They have provided you with the following information on the guitars: Required In all your calculations, keep all the decimals. Round numbers (up or down, depending on the requirement) only at your last step of computations. Q1) (1 mark) Calculate the plantwide overhead rate, and the gross profit for each product (and for UM). Present your calculations in the following template (use the Excel template provided) and comment on the profitability at UM 
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