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Gross Margin Analysis Standard Advanced Total Sales Manufacturing overhead cost (a) \$1,346,250 Direct labor hours (b) Plantwide overhead rate (a)+(b) Cost of goods sold: Direct materials Direct labor Manufacturing overhead Cost of goods sold Gross margin 21. Product marein b? \begin{tabular}{|l|l|c|c|c|} \hline & \multicolumn{1}{c|}{ A } & \multicolumn{1}{c|}{ B } & C & \multicolumn{1}{c|}{ D } \\ 1 & & Standard & Advanced & Total \\ \hline 2 & Plantwide approach: Total overhead cost allocated & & $ \\ \hline 3 & Activity-based approach: Total overhead cost allocated & & $ \\ \hline 4 & & & \\ \hline \end{tabular} Required Information [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: 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 questlons that follow. Click here for a b brief tutorialon Charts in Excel. Required: 1. Go to the tab titied "Plantwide Approach; 0. Create a formula that caiculates the direct labor-hours in the denominator of the plantwide overhead rate (cell F3). Also, create a formula that calculates the plantwide overhead rate (cell F4). What formulas correctly calculate these two amounts? b. What is the plantwide overhead rate? c. Create the appropilate formulas (within cells B11 through D17) to compute the gross margins for the Standard and Advanced models as well as the company as a whole. What formulas correctly calculate the direct materals, direct labor, and manufacturing overhead for the Standard model? d. What are the gross margins for the Standard model (cell B17) and the Advanced model (cell CT)? e. Using Charts, create a ple chart that shows the percent of total manufacturing overhead cost allocated to each product using the plantwide approach, (Your instructor may require you to upload this file in Part 6). 1. What percent of the total manufacturing overhead cost is allocated to the Standard model using the plantwide approach? The Advonced model? Caty's production manager has suggested replacing the company's current cost system with an actuvity-bused costing system that assigns all of the company's manufacturing overhead costs to four activity cost poois as follows fhe company does not have any organization-sustaining costs or unused capacity costs). The producton manager also provided the following adainonol informanon wh respecr to the company wien procuces Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. What are the gross margins for the Standard model (cell B17) and the Advanced model (cell C17)? Gross Margin Analysis Standard Advanced Total Sales Manufacturing overhead cost (a) \$1,346,250 Direct labor hours (b) Plantwide overhead rate (a)+(b) Cost of goods sold: Direct materials Direct labor Manufacturing overhead Cost of goods sold Gross margin 21. Product marein b? \begin{tabular}{|l|l|c|c|c|} \hline & \multicolumn{1}{c|}{ A } & \multicolumn{1}{c|}{ B } & C & \multicolumn{1}{c|}{ D } \\ 1 & & Standard & Advanced & Total \\ \hline 2 & Plantwide approach: Total overhead cost allocated & & $ \\ \hline 3 & Activity-based approach: Total overhead cost allocated & & $ \\ \hline 4 & & & \\ \hline \end{tabular} Required Information [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: 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 questlons that follow. Click here for a b brief tutorialon Charts in Excel. Required: 1. Go to the tab titied "Plantwide Approach; 0. Create a formula that caiculates the direct labor-hours in the denominator of the plantwide overhead rate (cell F3). Also, create a formula that calculates the plantwide overhead rate (cell F4). What formulas correctly calculate these two amounts? b. What is the plantwide overhead rate? c. Create the appropilate formulas (within cells B11 through D17) to compute the gross margins for the Standard and Advanced models as well as the company as a whole. What formulas correctly calculate the direct materals, direct labor, and manufacturing overhead for the Standard model? d. What are the gross margins for the Standard model (cell B17) and the Advanced model (cell CT)? e. Using Charts, create a ple chart that shows the percent of total manufacturing overhead cost allocated to each product using the plantwide approach, (Your instructor may require you to upload this file in Part 6). 1. What percent of the total manufacturing overhead cost is allocated to the Standard model using the plantwide approach? The Advonced model? Caty's production manager has suggested replacing the company's current cost system with an actuvity-bused costing system that assigns all of the company's manufacturing overhead costs to four activity cost poois as follows fhe company does not have any organization-sustaining costs or unused capacity costs). The producton manager also provided the following adainonol informanon wh respecr to the company wien procuces Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. What are the gross margins for the Standard model (cell B17) and the Advanced model (cell C17)