3 ACC 214 - Lab #8 - Chapter 21 Assignment 5 From the following data, use Excel to calculate the direct materials price and quantity variances, the direct labor rate and usage 6 variances and the fixed overhead spending and volume variances. Show each variance as an absolute value. (Use tx for abs. value) 7 For each variance, use Excel's 7F" function (click on 7x ) in to identify the variance as Favorable (F) or Unfavorable (U) boxes require a formula requires formula to identify the variance as F or U 3 ACC 214 - Lab #8 - Chapter 21 Assignment 5 From the following data, use Excel to calculate the direct materials price and quantity variances, the direct labor rate and usage 6 variances and the fixed overhead spending and volume variances. Show each variance as an absolute value. (Use tx for abs. value) 7 For each variance, use Excel's 7F" function (click on 7x ) in to identify the variance as Favorable (F) or Unfavorable (U) boxes require a formula requires formula to identify the variance as F or U