**Must use cell reference

Part 2 Cost variance analysis Camping Company manufactures camping tents from a lightweight synthetic fabric. Each tent uses the following standard material and labor costs. Direct Labor Direct Material Standard cost per tent 2 hours at 4 yards at $15.00 55.25 $30 $21 $5.15 per yard The following data was recorded for February, the first month of operations: Fabric purchased 7000 yards Fabric used in production 6.700 yards Direct labor used 3300 hours Actual number of Tents produced 1,640 Tents $16.00 per hour Required: Make sure you do not forget to label the variances U or F. You need to show your work either by cell reference showing your calculation to the side. 1. Calculate the direct materials price and quantity variance and designate U or F. Please note that the materials price variance based on actual material purchased and the quantity variance is based on material used. Materials price variance Materials Quantity variance 2. Calculate the direct labor rate and efficiency variances and designate U or F Labor rate variance Labor Efficiency variance 3. Explain one possible reason for each of the preceding variances listed below. Your explanation must be in complete sentences with proper grammar and spelling. Materials price variance Materials Quantity variance Labor rate variance Labor Efficiency variance