Function: IF; Formula: Subtract, Multiply; Cell Referencing Using Excel to Determine Overhead Variances Student Work Area PROBLEM Required: Provide input into cells shaded in yellow in this template. Use cell In October, Pine Company was determining its overhead variance. Its references to the Problem area with mathematical formulas in the input cells. In predetermined overhead rate is based on direct labor hours. The following the last input field, input an IF function with cell references to your work area. information was provided. Manufacturing overhead costs incurred $ 118,000 Actual direct labor hours 21,000 Compute the amount of the total overhead variance and designate if the Standard hours allowed for work done 20,600 variance is favorable or unfavorable using Excel's IF function. Predetermined overhead rate $ 6.00 Actual overhead Overhead applied Total overhead variance Nature of variance