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 Standard QuantityStandard Price $4.00 3.0 pounds 0.50 hours 0.50 hours $22.00 per hour $6.00 per hour 10 Actual results: 11Actual output 12 Actual variable manufacturing overhead cost 13 14 Actual direct materials cost 15 Actual direct labor cost 2,040 units $7,257 Actual Quantity 6,045 pounds 1,230 hours Actual price $4.1 pounds $21.9 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 variance 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