Steps to Perform: - Step Instructions Points Possible 1 18 Fill in the blanks on the ENTERANSWERS tab. Use F for favorable and U for unfavorable: a. Use the ABS function when calculating variances, and use the drop-down selections for F (favorable) or U (unfavorable) when describing the variances. b. For variances with a zero amount, leave the box empty, do not select a label or enter a zero. (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked wrong.) O Total Points 18 Flexible Budgets, Overhead Cost Variances, and Management Control 4-variance analysis, fill in the blanks ProChem, Inc., produces chemicals for large biotech companies. It has the following data for manufacturing overhead costs during August 2017: $ Actual costs incurred Costs allocated to products Flexible budget Actual input x budgeted rate Variable 35,000 $ 36,000 Fixed 16,500 15,200 16,000 31,500 Use the blue shaded areas on the ENTERANSWERS tab for inputs. Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked wrong. Requirement Fill in the blanks on the ENTERANSWERS tab. Use F for favorable and U for unfavorable: For variances with a zero amount, leave the box empty; do not select a label or enter a zero. b. Use the ABS function when calculating variances, and use the drop-down selections for For U when describing the variances. a. a. For variances with a zero amount, leave the box empty; do not select a label or enter a zero. b. Use the ABS function when calculating variances, and use the drop-down selections for For U when describing the variances. (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked wrong.) Variable F/U Fixed F/U (1) Spending variance (2) Efficiency variance (3) Production-volume variance (4) Flexible-budget variance (5) Underallocated (overallocated) manufacturing overhead