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Download the Applying Excel form and enter formulas in all cells that contain question marks. The Chapter 2 Form worksheet is to be used to create your own worksheet version of the example in the text. Enter formulas in the cells that contain question marks. For example, in cell B25 enter the formula -B10". After entering formulas in all of the cells that contained question marks, verify that the amounts match the example in the text. Check your worksheet by changing the total fixed manufacturing overhead cost for the Milling Department in the Data area to $300,000, keeping all other data the same as in the original example. If your worksheet is operating properly, the total cost of Job 407 should now be $2,350. If you do not get this answer, find the errors in your worksheet and correct them. You should proceed to the requirements below only after completing your worksheet. Save your completed Applying Excel form to your computer and then upload it here by clicking "Browse." Next, click "Save." You will use this worksheet to answer the questions in Part 2. 75% 1 Chapter 2: Applying Excel 2 3 Data 4 Markup on job cost 5 6 7 8 Machine-hours 9 Direct labor-hours 10 Total fixed manufacturing overhead cost 11 Variable manufacturing overhead per machine-hour 12 Variable manufacturing overhead per direct labor-hour 13 14 Cost summary for Job 407 15 16 Machine-hours 17 Direct labor-hours 18 Direct materials 19 Direct labor cost 20 21 Enter a formula into each of the cells marked with a ? below 22 Department Milling Assembly 60,000 3,000 8,000 80,000 $390,000 $500,000 $2.00 $3.75 Department Milling Assembly 90 4 5 20 $800 $370 $70 $280 2 Assembly ? ? ? ? ? 3 Step 1: Calculate the estimated total manufacturing overhead cost for each department 4 Milling 5 Total fixed manufacturing overhead cost ? 26 Variable manufacturing overhead per machine-hour or direct labor-hour 2 27 Total machine-hours or direct labor-hours ? 28 Total variable manufacturing overhead ? 29 Total manufacturing overhead ? BO 31 Step 2: Calculate the predetermined overhead rate in each department 32 33 Total manufacturing overhead Milling ? 34 Total machine-hours or direct labor-hours 35 Predetermined overhead rate per machine-hour or direct labor-hour ? 36 37 Step 3: Calculate the amount of overhead applied from both departments to Job 407 38 39 Predetermined overhead rate per machine-hour or direct labor-hour Milling ? 40 Machine-hours or direct labor-hours for the job 41 Manufacturing overhead applied ? 42 Assembly ? ? Assembly ? ? 2 2 Milling Assembly Total ? ? ? ? ? ? 3 Step 4: Calculate the total job cost for Job 407 14 5 Direct materials 16 Direct labor cost 7 Manufacturing overhead applied 18 Total cost of Job 407 19 50 Step 5: Calculate the selling price for Job 407 51 Total cost of Job 407 52 Markup 53 Selling price of Job 407 54 $5 56 ? ? ? ? ? ? 2. Change the total fixed manufacturing overhead cost for the Milling Department in Data area back to $390,000, keeping all of the other data the same as in the original example. Consider a new job, Job 408, with the following characteristics: B A 1 Chapter 2: Applying Excel 2 3 Cost summary for Job 408 4 5 Machine hours 6 Direct labor-hours 7 Direct materials cost 8 Direct labor cost Department Milling Assembly 90 4 7 40 860 $ 420 112 s 680 $ $ 5 In your worksheet, enter this new data in the cells for Job 407. What is the new selling price for Job 408? (Round your final answer to 2 decimal places.) Selling price for Job 408 3. Without changing the data for the jobs from requirement 2 above, what is the selling price for Job 408 if the total number of machine hours in the Assembly Department increases from 3,000 machine-hours to 6,000 machine-hours? (Round your final answer to 2 decimal places.) Selling price for Job 408 4. Restore the total number of machine-hours in the Assembly Department to 3,000 machine-hours. And keep the job data the same as it was in Requirement 2. What is the selling price for Job 408 if the total number of direct labor-hours in the Assembly Department decreases from 80,000 direct labor hours to 40,000 direct labor-hours? (Round your final answer to 2 decimal places.) bos Selling price for Job 400 fences