Required information [The following information applies to the questions displayed below.] Cary Company manufactures two models of industrial components-a Standard model and an Advanced Model. It has provided the following information with respect to these two products: The company considers all of its manufacturing overhead costs ($1,346,250) to be fixed and it uses plantwide manufacturing overhead cost allocation based on direct labor-hours. Click here to download the Excel template, which you will use to answer the questions that follow. Click here for a a brief tutorial on Charts in Excel. 5a. Go to the tab titled "Cost Allocation Comparison." Create formulas in cells B2 through C3 that compute the total overhead cost llocated to each product using the plantwide and activity-based approaches. (Hint: If you complete this step correctly, the dollar amounts shown in cells D2 and D3 should both equal $1,346,250.) 5b. How much overhead is allocated to the Standard and Advanced models using the plantwide approach (cells B2 and C2)? How nuch overhead is allocated to the Standard and Advanced models using the activity-based approach (cells B3 and C3)? 5c. Using Charts, create a bar chart that includes the following design elements: (1) it will include two bars pertaining to the Standarc nodel followed by two bars pertaining to the Advanced model, (2) the first bar for each model will quantify the model's total nanufacturing overhead cost according to the plantwide approach, whereas each model's second bar will quantify the model's tota nanufacturing overhead cost according to the activity-based approach. (Your instructor may require you to upload this file in Part 6). id. Based on your completed bar chart, which model is overcosted using the plantwide approach? Which model is undercosted? Complete this question by entering your answers in the tabs below. How much overhead is allocated to the Standard and Advanced models using the plantwide approach (cells B2 and C2)? How much overhead is allocated to the Standard and Advanced models using the activity-based approach (cells B3 and C3)? Activity Rates Assemble and Pack: \begin{tabular}{|l|rr} \hline Manufacturing overhead cost (a) & $ & 292,500 \\ \hline Direct labor-hours (b) & & 45,000 \\ \hline Activity rate (a) (b) & $ & 6.50 \end{tabular} Machining: Order Processing: \begin{tabular}{|l|rr} \hline Manufacturing overhead cost (a) & $ & 256,250 \\ \hline Number of customer orders (b) & & 250 \\ \hline Activity rate (a)(b) & $ & 1,025.00 \\ \hline \end{tabular} Setups: Manufacturing overhead cost (a) $357,500 Setup hours (b) 650 Activity rate (a)(b) $550.00 Required information [The following information applies to the questions displayed below.] Cary Company manufactures two models of industrial components-a Standard model and an Advanced Model. It has provided the following information with respect to these two products: The company considers all of its manufacturing overhead costs ($1,346,250) to be fixed and it uses plantwide manufacturing overhead cost allocation based on direct labor-hours. Click here to download the Excel template, which you will use to answer the questions that follow. Click here for a a brief tutorial on Charts in Excel. 5a. Go to the tab titled "Cost Allocation Comparison." Create formulas in cells B2 through C3 that compute the total overhead cost llocated to each product using the plantwide and activity-based approaches. (Hint: If you complete this step correctly, the dollar amounts shown in cells D2 and D3 should both equal $1,346,250.) 5b. How much overhead is allocated to the Standard and Advanced models using the plantwide approach (cells B2 and C2)? How nuch overhead is allocated to the Standard and Advanced models using the activity-based approach (cells B3 and C3)? 5c. Using Charts, create a bar chart that includes the following design elements: (1) it will include two bars pertaining to the Standarc nodel followed by two bars pertaining to the Advanced model, (2) the first bar for each model will quantify the model's total nanufacturing overhead cost according to the plantwide approach, whereas each model's second bar will quantify the model's tota nanufacturing overhead cost according to the activity-based approach. (Your instructor may require you to upload this file in Part 6). id. Based on your completed bar chart, which model is overcosted using the plantwide approach? Which model is undercosted? Complete this question by entering your answers in the tabs below. How much overhead is allocated to the Standard and Advanced models using the plantwide approach (cells B2 and C2)? How much overhead is allocated to the Standard and Advanced models using the activity-based approach (cells B3 and C3)? Activity Rates Assemble and Pack: \begin{tabular}{|l|rr} \hline Manufacturing overhead cost (a) & $ & 292,500 \\ \hline Direct labor-hours (b) & & 45,000 \\ \hline Activity rate (a) (b) & $ & 6.50 \end{tabular} Machining: Order Processing: \begin{tabular}{|l|rr} \hline Manufacturing overhead cost (a) & $ & 256,250 \\ \hline Number of customer orders (b) & & 250 \\ \hline Activity rate (a)(b) & $ & 1,025.00 \\ \hline \end{tabular} Setups: Manufacturing overhead cost (a) $357,500 Setup hours (b) 650 Activity rate (a)(b) $550.00