H 1 Funct on: IF; Formula: Subtract, Multiply; Cell Referencing 2 3 Using Excel to Determine Overhead Variances 4 PROBLEM 5 In October, Pine Company was determining its overhead variance. Its 6 predetermined overhead rate is based on direct labor hours. The following 7 information was provided. Student Work Area Required: Provide input into cells shaded in yellow in this template. Use cell references to the Problem area with mathematical formulas in the input cells. In the last input field, input an IF function with cell references to your work area. 3 9 LO 11 L2 Manufacturing overhead costs incurred Actual direct labor hours Standard hours allowed for work done Predetermined overhead rate $ 118,000 21,000 20,600 $ 6.00 Compute the amount of the total overhead variance and designate if the variance is favorable or unfavorable using Excel's IF function. 13 14 Actual overhead Overhead applied Total overhead variance Nature of variance 15 16 17 18 19 20 21 22