Need help completing using Cell referencing, ABS Functions and IF Functions. Answers MUST use Cell referencing, ABS Functions and IF Functions.

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Chapter 9 Tech Lab Instructions Lobo Co. is evaluating its recent performance by comparing current results to the budget. They request your assistance in calculating both direct material and labor variances, providing you with standard and actual cost data. Here is the standard cost information: SRR Standard Cost per Qty/Hrs per Standard Cost per DM/Hour Unit Unit Direct Materials $7.25 25 $18.50 '_' Thatiad Acgobntent Direct Labor $18.00 2 $38.75 = Variable Overhead $6.00 2 $12.75 interns analyzing a $3 variance Planned production (units) 10,000 Actual cost information is below: Units Produced 9,250 Materials Purchased and Used 26,500 Cost of Direct Materials $180,000 Direct Labor Hours 18,250 Direct Labor Cost $405,750 Variable Overhead Cost $114,000 Fixed Overhead Cost $320.000 PART #1: Direct Material Variances Calculate the Materials Price, Quantity, and Spending Variance. Remember, with variances we don't care about the sign of the number - we care about the interpretation of the variance. Use the ABS function to calculate the absolute value of variance amounts in the green cells and use an IF function in the orange cells to determine the favorability ("U" or "F") of the variances . Remember to cell reference everything! 28 29 30 3 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 E5| 56 57 58 Remember, with variances we don't care about the sign of the number - we care about the interpretation of the variance. Use the ABS function to calculate the absolute value of variance amounts in the green cells and use an IF function in the orange cells to determine the favorability ("U" or "F") of the variances . Remember to cell reference everything! Direct Materials Variances Actual x Actual Actual x Standard Standard x Standard AQ AP AQ SP SQ SP Materials Price Variance Materials Quantity Variance Materials Spending Variance PART Direct Labor Variance Calculate the Direct Labor Rate, Efficiency, and Spending Variance. Direct Labor Variances Actual x Actual Actual x Standard Standard x Standard AH AR AH SR SH SR Labor Rate Variance Labor Efficiency Variance Labor Spending Variance