can you please complete requirements 1 and 2? for requirement 2 its a-h

AutoSave ON Comprehensive Project 1 Template v1 - 1 File Home Insert Page Layout Formulas Data Review View Help 110 B D E G A 1 Comprehensive Project 1 v1 2 Using Excel 3 Boyd Corporation is a manufacturer that uses job-order costing. On January 1, 4 2024, the company's inventory balances were as follows: 5 6 6 7 Raw Materials Inventory Work-in-Process Inventory Finished Goods Inventory $60,000 $38,000 $55,000 8 0 00 9 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, 2024, the company's predetermined overhead rate per direct labor-hour was based on a cost formula that estimated $812.500 of total 10 manufacturing overhead for an estimated activity level of 65,000 direct labor-hours. 11 12 Requirements: Compute the predetermined overhead allocation rate for fiscal year 2024. sinnute Comprehensive Project I Template v1 - File Home Insert Page Layout Formulas Data Review View C8 x fo B D 1 Manufacturing Accounts 2 3 Accounts Receivable 4 Raw Materials Inventory 5 Work-in-Process Inventory 6 Finished Goods Inventory 7 Accounts Payable 8 Wages Payable 9 Sales Revenue 10 Manufacturing Overhead 11 Cost of Goods Sold 12 Selling & Administrative Expense 13 14 15 16 On 17 18 19 20 21 remplate v Search (Alt. File Home Insert Page Layout Formulas Data Review View Help B2 fix The following transactions were recorded for the year: 1 2 The following transactions were recorded for the year: 3 4 a Raw materials were purchased on account, $560,000 Raw materials used in production, $530,000. All of the raw materials were used as direct 5 b materials The following costs were accrued for employee services: direct labor, $650,000, indirect labor, 6 C $200,000, selling and administrative salaries, $290,000 Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and 7 d finished goods warehousing), $417,000 8 e Incurred various manufacturing overhead costs (e.g., rent, insurance, and utilities), $550,000. Manufacturing overhead cost was applied to production. The company actually worked 46,000 9 f direct labor-hours on all jobs during the year Jobs costing $1,730,000 to manufacture according to their job cost sheets were completed 10 g during the year Jobs were sold on account to customers during the year for a total of $2,850,000. The jobs cost 11 h $1,740,000 to manufacture according to their job cost sheets 12 13 14 15 16 17 18 19 20 Instructions Transactions MOH Rate Solution Journal Entries Solution T-Accounts Solution AutoSave ON! H Comprehensive Project 1 Template v1 Sarth ( AO File Home Insert Page Layout Formulas Data Review View Help K9 f B D E G H 1 Requirement 1 2 Compute the predetermined overhead allocation rate for fiscal year 2024 3 4 Predetermined overhead allocation rate Total estimated overhead costs/Total estimated machine hours S 0 0 7 Total estimated overhead costs 10 11 12 13 Total estimated Direct-Labor hours Predetermined overhead allocation rate 14 15 16 17 18 19 20 21 22 23 24 T-Accounts Solution MON Testions Journal Enter Solution MOH Rate Solution struction Sawit Type here to search Formulas Data Review View Help BS D G 1 Requirement 2 2 Journalize the transactions in the general journal 3 4 Date Account/Explanation Debit Credit 5 (a) 6 7 B 9 (b) 10 11 12 13 14 15 16 17 Taction MOH Rate Solution Journal Entries Solution T- Accounts Solution MOH Intructions data credite Type here to search 13 o I --- AutoSave Comprehensive Project 1 Template vi File Home Insert Page Layout Formulas Data Review View Help 110 X B D E F G H 6 7 8 A Raw Materials Inventory $60,000 Work-in-Process Inventory $38,000 Finished Goods Inventory $55,000 9 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, 2024, the company's predetermined overhead rate per direct labor-hour was based on a cost formula that estimated $812,500 of total 10 manufacturing overhead for an estimated activity level of 65,000 direct labor-hours. 11 12 Requirements: Compute the predetermined overhead allocation rate for fiscal year 2024. 13 1. Use the blue shaded areas for inputs. Use Excel to journalize the transactions listed in the Transactions tab for 2. the current year, 2024. Enter the beginning balances for the inventories in the T-accounts. Assume the rest of the accounts have beginning balances of zero. Post the journal entries to T-accounts. T-account balances will automatically calculate except for Manufacturing Overhead. You will need to calculate 14