A C D 1 Chapter 3: Applying Excel 3 Data 4 Allocation base Machine-hours Estimated manufacturing overhead cost Estimated total amount of the allocation base $300,000 75,000 machine-hours $290,000 68,000 machine-hours 5 6 Actual manufacturing overhead cost Actual total amount of the allocation base 7 9 10 Enter a formula into each of the cells marked with a? below 11 12 Computation of the predetermined overhead rate 13 Estimated manufacturing overhead cost 14 Estimated total amount of the allocation base ? machine-hours ? per machine-hour 15 Predetermined overhead rate 16 17 Computation of underapplied or overapplied manufacturing overhead 18 Actual manufacturing overhead cost 19 Manufacturing overhead cost applied to Work in Process during the year ? per machine-hour 20 Predetermined overhead rate 21 Actual total amount of the alocation base ?machine-hours Manufacturing overhead applied 23 Underapplied (overapplied) manufacturing overhead 22 24 25 26 27 28 29 30 31 32 33 34 2 Required information Part 2 of 2 Chapter 3: Applying Excel The Excel worksheet form that appears below is to be used to recreate part of the example relating to Turbo Crafters that appears earlier in the chapter. 40 points Chapter 3: Applying Excel: Exercise (Part 2 of 2) eBook 2. Change all of the numbers in the data area of your worksheet so that looks like this: Print A B C Chapter 3: Applying Excel 1 2 References Data 3 Allocation base Machine-hours Estimated manufacturing overhead cost 547,200 76,000 machine-hours Estimated total amount of the allocation base 6 Actual manufacturing overhead cost Actual total amount of the allocation base 554,100 77,000 machine-hours 8 If your formulas are correct, you should get the correct answers to the following questions. (a) What is the Predetermined overhead rate? (Round your answer to 2 decimal places.) per machine- hour Predetermined overhead rate (b) By how much is the manufacturing overhead underapplied or overapplied? manufacturing overhead 3. Either print or make a copy of your worksheet in your workbook before proceeding. You will need to refer back to this worksheet Change the estimated total amount of the allocation base to 72,000 machine-hours, but keep everything the same as in Requirement 2. The data area of your worksheet should now look like this: A B C Chapter 3: Applying Excel 1 2 Data 3 Allocation base Machine-hours 4 Estimated manufacturing overhead cost 547,200 72,000 machine-hours Estimated total amount of the allocation base 6 Actual manufacturing overhead cost 554,100 7 77,000 machine-hours Actual total amount of the allocation base 8 (a) By how much is the manufacturing overhead underapplied or overapplied? manufacturing overhead (b) Why is the amount of underapplied (overapplied) manufacturing overhead different from Requirement 2 above? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answers and double click the box with the question mark to empty the box for a wrong answers. Any boxes left with a question mark will be automatically graded as incorrect.) The chanqe in the estimated total amount of the allocation base affected the predetermined overhead rate. The change in the estimated total amount of the allocation base affected the amount of manufacturing overhead applied. ? Actual manufacturing overhead cost differs from period to period. ? The estimated manufacturing overhead cost did not change in proportion to the change in the estimated total amount of the allocation base. 4. Change the estimated total amount of the allocation base back to 76,000 machine-hours, so that the data area of you worksheet looks exactly the same as in Requirement 2. Now change the actual manufacturing overhead cost from $554,100 to $557,000. The data area of your worksheet should now look like this: B A C Chapter 3: Applyi ng Excel 1 2 Data Allocation base Machine-hours 4 Estimated manufacturing overhead cost 547,200 Estimated total amount of the allocation base 76,000 machine-hours 6 Actual manufacturing overhead cost S 557,000 7 Actual total amount of the allocation base 77,000 machine-hours 8 (a) By how much is the manufacturing overhead underapplied or overapplied? manufacturing overhead (b) Why is the amount of underapplied (overapplied) manufacturing overhead different from Requirement 2 above? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answers and double click the box with the question mark to empty the box for a wrong answers. Any boxes left with a question mark will be automatically graded as incorrect.)