Excel Analytics 07-1 (Static) Comparing Traditional and Activity-Based Product Costing (ROI) (LO7-1, 7-3, 7-4, 7-5] [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: Number of units produced and sold Selling price per unit Direct materials per unit Direct labor cost per unit Direct labor-hours per unit Standard 20,000 Advanced 10,000 $ 150 $ 200 $ 40 $ 60 $ 30 $ 30 1.50 1.50 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. Excel Analytics 07-1 (Static) Part 5 5a. Go to the tab titled "Cost Allocation Comparison." Create formulas in cells B2 through C3 that compute the total overhead cost allocated 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 much overhead is allocated to the Standard and Advanced models using the activity-based approach (cells 83 and C3)? 5c. Using Charts, create a bar chart that includes the following design elements: (1) it will include two bars pertaining to the Standard model followed by two bars pertaining to the Advanced model, (2) the first bar for each model will quantify the model's total manufacturing overhead cost according to the plantwide approach, whereas each model's second bar will quantify the model's total manufacturing overhead cost according to the activity-based approach. (Your instructor may require you to upload this file in Part 6). 5d. 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. Req 58 Req 5D 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)? Plantwide approach Activity-based approach Standard Model Advanced Model Reg 50 Req 5D > Complete this question by entering your answers in the tabs below. Req SB Req 50 Based on your completed bar chart, which model is overcosted using the plantwide approach? Which model is undercosted? The plantwide approach The plantwide approach the Standard model the Advanced model < Req 58 Req 50