Formula; Multiply; Cell Referencing BE3.8 - Using Excel to Apply Overhead Using Predetermined Student Work Area Overhead Rates Required: Provide input into cells shaded in yellow in this template. Use mathematical Phuong Company assigns overhead to production based on direct labour costs. formulas with cell references to the Problem area. During the first quarter, Phuong Company incurs the following direct labour costs and had the following overhead rate: For each month, prepare the entry to assign overhead to production. January February 40,000 30,000 50,000 90% Jan. 31 March Predetermined overhead rate Feb. 28 Mar. 31