1 Chapter 8: Applying Excel 2 3 Data 4 Exhibit 8-8: Standard Cost Card 5 6 Direct materials 7 Direct labor 8 Variable manufacturing overhead Inputs StandardQuantityStandard Price $4.00 3.0 pounds 0.50 hours 0.50 hours $22.00 per hour $6.00 per hour 10 Actual results 11 Actual output 12 Actual variable manufacturing overhead cost 13 14 Actual direct materials cost 15 Actual direct labor cost 16 1,980 units S5,418 Actual Quantity 5,775 pounds 985 hours Actual price $4.5 pounds $22.2 per hour a-1. What is the materials quantity variance? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) The amount of the materials quantity vaiance a-2. What is the materials price variance? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) The amount of the materials price variance b-1. What is labor efficiency variance? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance.) The amount of the labor efficiency variance