Formula: Divide; Cell Referencing Using Excel To Compute Predetermined Overhead Rates PROBLEM Marquis Company estimated annual operating activity bases are direct labor, direct labor hours, and machine hours. The following estimates are provided. Direct labor cost $ 500,000 50,000 100,000 Student Work Area Required: Provide input into cells shaded in yellow in this template. Use mathematical formulas with cell references to the Problem as indicated. Compute the predetermined overhead rate for each activity base. Overhead rate based on direct labor cost Overhead rate based on direct labor hours Direct labor hours Machine hours Manufacturing overhead $900,000 Overhead rate based on machine hours