Zack Backpack Company manufactures a variety of backpack models. Each backpack requires a variety of direct materials,

Question:

Zack Backpack Company manufactures a variety of backpack models. Each backpack requires a variety of direct materials, including fabric, buckles, zippers, and other materials.
Company managers have the following investigation rules for direct materials price variances:

Variances greater than 20% are considered urgent and should be investigated immediately.
Variances between 5% and 20% should also be investigated.
Variances less than 5% will not be investigated.

The controller prepared a report using Excel to calculate the direct material price variances and price variance percentages. A sample from that Excel report appears below.

Requirements
1. Using the Excel worksheet provided in MyLab, enter a formula in Cell J2 to display Urgent, Investigate, or No Action Needed based on the Price variance % in Column I and the investigation rules listed in the exercise.
2. Copy the formula in Cell J2 down to the rest of the rows in that column.
3. Use Conditional Formatting in Column J to show cells containing High Priority with Light Red Fill with Dark Red Text and cells containing Investigate with Yellow Fill with Dark Yellow Text.
4. Use a filter in Column H to show only those variances that are greater than $10,000.