Student Work Area Required: Provide input into cells shaded in yellow in this template. Use mathematical formulas with cell references to the Problem area as indicated. a. Calculate the company's traditional overhead rate based on machine Traditional overhead rate per E7.7 - Using Excel to Calculate Overhead Rates PROBLEM Eric Parker has been studying his department's profitability reports for the past six months. He has just completed a managerial accounting course and is beginning to question the company's approach to allocating overhead to products based on machine hours. The current department overhead budget is based on machine hours. In an initial analysis of overhead costs, Eric has identified the following overhead budget amounts and activity cost pools. Estimated machine hours 45,340 Cost Pool Expected Expected Cost Expected Activities Product assembly $ 680,000 40,000 machine hours Machine setup and calibration 320,000 5,000 Setups Product inspection 67,500 1,500 batches Raw materials storage 66,000 300,000 pounds $ 1,133,500 b. Calculate the company's overhead rates using the proposed activity-based costing pools. Product assembly Machine setup and calibration Product inspection Raw materials storage 77 per per per per