Using a spreadsheet and based on the information provided in the next section, complete the following requirements: 1. 2. 3. Determine the predetermined overhead rate. Determine the total number of plastic cups to account for. Prepare an equivalent units schedule. The schedule should follow the format below; you may add additional information if you would like. Whole Units Equivalent Units (Actual Direct Materials Conversion Costs Beginning Start/Completed Completed/Transferred Out Ending xxX xxX xxX xXX XxX Determine the total costs for the plastic and the unit plastic cost for the cups. 5. 4. Determine the total conversion cost and the conversion cost per cup. Determine the total equivalent cost per cup. Prepare a Cost of Production report. This report should show all costs transferred into Work-in- Process and the costs transferred to Finished Goods. This process uses FIFO costing Determine the amounts for the following. Show calculations for credit. 6. 7. 8. a) Ending Work-in-Process Inventory in Units AND Dollars b) Ending Finished Goods Inventory in Units AND Dollars c) Cost of Goods Sold d) Over/Under Applied Manufacturing Overhead e) Gross Margin f Tax Amount g) Net Income 9. Prepare the necessary Journal Entries related to the manufacturing cycle for this accounting period. Use the account numbers in the Chart of Accounts, below, instead of the accounts names when writing the journal entries. 81Pag