Required information Chapter 3: Applying Excel The Excel Worksheet form that appears below is to be used to recreate part of the example relating to Turbo Crafters that appears earlier in the chapter Chapter 3: Applying Excel: Excel Worksheet (Part 1 of 2) Download the Applying tacel form and enter formulas in all cells that contain question marks. For example, in cell 013 enter the formula 85 Aher entering formulas in all of the cells that contained question marks, verify that the dollar amounts match the example in the text Check your worksheet by changing the estimated total amount of the location base in the Data area to 50.000 machine hours, keeping all of the other data the same as in the original example if your worksheet is operating properly the predetermined overhead tate should now be $600 per machine hout if you do not get this we find the errors in your worksheet and correct them 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 A1 x fx Chapter 3: Applying Excel D 8 A 1 Chapter 3: Applying Excel Machine-hours $300,000 75,000 machine-hours $290,000 68,000 machine-hours 8 9 3 Data 4 Allocation base 5 Estimated manufacturing overhead cost 6 Estimated total amount of the allocation base 7 Actual manufacturing overhead cost Actual total amount of the allocation base 10 Enter a formula into each of the colls marked with a ? below 11 12 Computation of the predetermined overhead rate 13 Estimated manufacturing overhead cost 14 Estimated total amount of the allocation base 15 Predetermined overhead rate 16 17 Computation of underapplied or overapplied manufacturing overhead 18 Actual manufacturing overhead cost 19 Manufacturing overhead cost applied to Work in Process during the year 20 Predetermined overhead rate 21 Actual total amount of the allocation base 22 Manufacturing overhead applied 23 Underapplied (overapplied) manufacturing overhead ? 7 machine-hours ? per machine-hour 7 ? per machine-hour ? machine-hours ? 2 Required information Chapter 3: Applying Excel The Excel worksheet form that appears below is to be used to recreate part of the example relating to Turbo Crafters that appears earlier in the chapter. Chapter 3: Applying Excel: Exercise (Part 2 of 2) 2. Change all of the numbers in the data area of your worksheet so that it looks like this: B A 1 Chapter 3: Applying Excel 2 3 Data 4 Allocation base 5 Estimated manufacturing overhead oost 6 Estimated total amount of the allocation base 7 Actual manufacturing overhead cost 8 Actual total amount of the allocation base Machine-hours $ 547,400 78,000 machine hours $ 653,000 36,000 machine-hours If your formulas are correct, you should get the correct answers to the following questions. (a) What is the Predetermined overhead rate? (Round your answer to 2 decimal places.) per machine-hour Predetermined overhead rate Required information (b) By how much is the manufacturing overhead underapplied or overapplied? manufacturing overhead 3. Either print or make a copy of your worksheet in your workbook before proceeding. You will need to refer back to this worksheet. Change the estimated total amount of the allocation base to 83,000 machine-hours, but keep everything the same as in Requirement 2. The data area of your worksheet should now look like this: A B Chapter 3: Applying Excel 1 2 3 4 vou Data Allocation base Estimated manufacturing overhead cost Estimated total amount of the allocation base Actual manufacturing overhead cost Actual total amount of the allocation base Machine-hours $ 647 400 83,000 machine-hours $ 653,900 86,000 machine hours 8 Required information (a) By how much is the manufacturing overhead underapplied or overapplied? manufacturing overhead (b) Why is the amount of underapplied (overapplled) manufacturing overhead different from Requirement 2 above? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answers and double click the box with the question mark to empty the box for a wrong answers. Any boxes left with a question mark will be automatically graded as incorrect.) The change in the estimated total amount of the allocation base affected the predetermined overhead rate. The change in the estimated total amount of the allocation base affected the amount of manufacturing overhead appled. Actual manufacturing overhead cost differs from period to period The estimated manufacturing overhead cost did not change in proportion to the change in the estimated total amount of the allocation base Required information 4. Change the estimated total amount of the allocation base back to 78,000 machine-hours, so that the data area of you worksheet looks exactly the same as in Requirement 2. Now change the actual manufacturing overhead cost from $653,900 to $658,000. The data area of your worksheet should now look like this: B 1 Chapter 3: Applying Excel 2 3 4 5 6 7 Data Allocation base Estimated manufacturing overhead cost Estimated total amount of the allocation base Actual manufacturing overhead cost Actual total amount of the allocation base Machine-hours $ 647.400 78,000 machine-hours $ 658,000 86,000 machine-hours 8 (a) By how much is the manufacturing overhead underapplied or overapplied? manufacturing overhead (b) Why is the amount of underapplied (overapplied) manufacturing overhead different from Requirement 2 above? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answers and double click the box with the question mark to empty the box for a wrong answers. Any boxes left with a question mark will be automatically graded as incorrect.) The predetermined overhead rate changed The change in the actual manufacturing overhead cost directly resulted in a comparable change in the amount of underapplied (overapplied) manufacturing overhead. The change in the estimated total amount of the allocation base affected the amount of manufacturing overhead applied