7 Points 9 Points STEP 2a: Calculate the Pre-Determined Overhead Rate Excel Functions: Formula Calculate the Predetermined Overhead Rate for Stinson using the information below Stinson uses direct labor costs to calculate the Predetermined Overhead Rate. Estimated Annual Overhead Costs: : 25,000 Expected Direct Labor Cost: 100,000 Student Work Area Required: Provide input into cells shaded in yellow in this template. Use cell references to the Problem area. For amounts not Predetermined Overhead Rate: Divide STEP 2b: Accumulating Manufacturing Costs Excel Functions: Formulas, Cell Referencing Below are transactions related to the manufacturing costs for the two jobs. Journalize the entries for each type of Manufacturing Cost. In the Debit and credit fields link to the values above and use formulas as necessary 1. Stinson uses $45,000 of direct materials and $10,000 of indirect materials on January 31, 2. Per the time tickets for the jobs, $75,000 is related to direct labor and $15,000 to indirect labor. 3. Using the Predetermined Overhead Rate calculated in Part 2a prepare the entry for applying Manufacturing Overhead to Work in Process Student Work Area Required: Provide input into cells shaded in yellow in this template. Use cell references to the Problem area. For amounts not Description Date Debit Credit Assign Raw Materials to WIP Jan. 31 Add Add Sum Assign Factory Labor to WIP Jan. 31 Add add Add add Sum Apply Manufacturing Overhead to WIP Jan. 31 Multiply Cell Reference Total Debits and Credits Sum Sum