Function: SUM; Multiply; Divide; Cell Referencing BE10.3 - Using Excel to Determine the Standard Cost of a Product PROBLEM SofTest Company produces a variety of wool rugs. Its most popular item is a small oval rug, suitable for placing in front of a door. After trying many different designs and processes, it landed on one style that requires both employee and processing time. SofTest allocates MOH based on machine hours. Information concerning the cost of one rug is presented here. Student Work Area Required: Provide input into cells shaded in yellow in this template. Input the required mathematical formulas or functions with cell references to the Problem area or work area as indicated. What is the standard cost of producing one oval rug? Yards of wool required per rug Minutes of employee time per rug Minutes of processing time per rug Estimated variable- MOH per hour Estimated fixed-MOH per hour Estimated cost of wool per yard Estimate labor cost per hour 15 15 30 $3.00 5.00 1.20 15.00 Direct materials Direct labor Variable-MOH Fixed-MOH Total cost per rug