No its the B350 VersionIs it this motherboard ?
https://www.msi.com/Motherboard/H270-TOMAHAWK-ARCTIC.html#productFeature-section
If it is then the R5 1600 is not compatible. You would need an Intel cpu such as the i5 6500. And ram for that board is maxed at 2400MHz so any DDR4 2133MHz - 2400MHz would be fine.
A 550W psu would be fine. Something like a SuperFlower Golden Green if you want something cheaper.