MUST HAVE EXCEL FORMAT **** EXCEL FORMAT IS A MUST

Instructions (for Q2 only) : (i) Based on the following case study information, build a spreadsheet model using Excel 2003 (or later) to answer the accompanying problems. (ii) The spreadsheet model should include a "Data Input Section" (whereby all raw / original data from the case should be entered), "Additional Information Section" (whereby other relevant information for the individual problems should be entered) and an "Output Section" (whereby the final answers to each problem is presented). (iii) Program your spreadsheet to perform all necessary calculations. Do not "hard code" any amounts, use the addition, subtraction, multiplication, division operations or any other specialised formulas. Case study information : Toolbank Inc. produces 2 types of products, "Grip" and "Hinge". It expects to produce 35,000 units of Grip and 50,000 units of Hinge. Direct material cost in 2022 is expected to be $25.00 per unit for Grip and $27.00 per unit for Hinge. Toolbank's total direct labour cost for Grip is expected to be $1,260,000 and $900,000 for Hinge. Other manufacturing costs are considered as overhead. The estimated total annual overhead for the year is $2,700,000. Currently, Toolbank allocates its overheads based on direct labour hours. Grip requires 2 direct labour hours, whilst Hinge requires 1 direct labour hours per unit to complete. The company is deciding to use the activity-based costing (ABC) system to allocate all its overheads. The company estimates that Processing costs amounts to $1,500,000; Maintenance costs amounts to $900,000; and Setup costs amounts to $300,000.Toolbank obtained the following information : Cost Driver Grip Hinge Processing Processing Hours 100,000 150,000 Maintenance Machine Hours 70,000 130,000 Setup No. of Setups - 2 Required : (a) Calculate the total cost of Grip and total cost of Hinge (assuming that the expected no. of units are produced) using the traditional costing system. (b) Calculate the total cost of Grip and total cost of Hinge (assuming that the expected no. of units are produced) using the activity-based costing system.. Page view A" Read aloud (T) Add text V Draw Question 2 (a) Traditional Costing Grip Hinge D. material costs D. labour costs Overheads Total Costs ($) (b) ABC Grip Hinge D. material costs D. labour costs Overheads : Processing Maintenance Setup Total Costs ($)