Part 6: Based on the data presented in the Unit VII Spreadsheet Template in Excel (Variances tab), complete the following calculations.

• Calculate the material variances.
• Calculate the labor variances.

Complete your calculations by filling in the highlighted cells, and embed a copy of the completed spreadsheet into this report. Discuss your observations about the variances and ways to plan to improve any of the variances.

This is a 5301-Magerial Accounting applications course

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Actual Total Cost of Direct Materials	$ 225,000
Standard Total Cost of Direct Materials	$ 224,800
Actual Materials Used	30
Standard Materials Used	31
Actual Direct Labor Rate	$ 15.50
Standard Labor Rate	$ 15.00
Actual Hours Worked	45
Standard Hours Worked	40
	Amount	Favorable/ Unfavorable
Calculate Materials Variances:
Materials Price Variance	$ 200	Unfavorable
Materials Quantity Variance	$ 7,493	Unfavorable
Calculate Labor Variances:
Labor Rate Variance	$ 23	unfavorable
Labor Efficiency Variance	$ 75	unfavorable