Chapter 11: Applying Excel: Exercise (Part 2 of 2) Requirement 2: Revise the data in your worksheet to reflect the results for the subsequent period as shown below 1 Chapter 11: Applying Excel 3 Data Exhibit 11-1: Standard Cost Card 5 6 Direct materials 7 Direct labor 8 Variable manufacturing overhead Inputs Standard Quantity Standard Price 3.0 pounds $4.00 0.50 hours 0.50 hours $22.00 per hour 56.00 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 2,070 units $8,096 Actual Quantity 6,085 pounds 1,265 hours Actual price $4.2 pounds $22 3 per hour at is the materials quantity variance? (indicate the effect of each variance by selecting "F" for favorable, Indicate the effect of each variance by selecting "F" favorable 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 The amount of the materials price variance