1. Compute the direct material, direct labor and variable overhead variances. FILE HOME INSERT Calibri Paste BIU Clipboard C19 ] Basic variance analysis for direct materials, direct labor and variable overhead - Excel Font PAGE LAYOUT FORMULAS DATA REVIEW VIEW 11 ' ' % Alignment Number Conditional Format as Cell Formatting Table Styles Cells Editing ] Styles fx A - Sign In B D E F G 4 Direct materials: 2.5 yards @ 5 Direct labor: 0.5 hours 6 Variable overhead (based on labor hours): 0.5 hours @ $8.00 per yard $18.00 per hour $10.00 per hour $20.00 9.00 5.00 7 8 Budgeted production for the month 14,000 units 9 Actual production for the month 13,500 units 10 11 Actual Costs Incurred to Produce 13,500 units: Total Actual Cost 12 Direct Materials Purchased and Used 35,100 yards @ $7.00 per yard 13 Direct Labor Paid 7,425 hours @ $17.50 per hour $245,700 $129,938 14 Variable Overhead Incurred 7,425 hours @ $12.00 per hour $89,100 15 Complete the following table comparing actual costs to the flexible budget and master budget. Use formulas for 16 the spending and volume variances so that variance will appear as a negative number if unfavorable and a positive number if favorable. 17 18 19 Direct materials: 20 Direct labor: 21 Variable overhead: 22 23 Actual Costs $245,700 Spending Variances Flexible Volume Budget Variances Budget Master $129,938 $89,100 24 Using the formulas provided, compute the following variances. 25 Write if statements to enter an For U to indicate whether the variance is favorable or unfavorable. READY Attempt(s) 3/3 Sheet1 + 80% Hint