This question will be sent to your instructor for grading. ces Required information The Chapter 10 Form worksheet is to be used to create your own worksheet version of the main example in the text. Download the Applying Excel form and enter formulas in all cells that contain question marks. For example, in cell D21 enter the formula "D6" Notes: in the text, variances are always displayed as positive numbers. To accomplish this, you can use the ABS0 function in Excel. For example, the formula in cell 825 would be "ABS(F21-F22) Cells C25 through C27, C34 through C36, and C43 through C45 already contain formulas to compute and display whether variances are Favorable or Unfavorable. Do not enter data or formulas into those cells-if you do, you will overwrite these formulas. After entering formulas in all of the cells that contained question marks, verify that the amounts match the numbers in the example in the text. Check your worksheet by changing the direct materials standard quantity in cell B6 to 2.9 pounds, the direct labor standard quantity in cell B7 to 0.6 hours, and the variable manufacturing overhead in cell 88 to 0.6 hours. The materials spending variance should now be $1,500 U, the labor spending variance should now be $3,720 F, and the variable overhead spending variance should now be $60 F. If you do not get these answers, find the errors in your worksheet and correct them. Save your completed Applying Excel form to your computer and then upload it here by clicking "Browse." Next, click "Save." You will use this worksheet to answer the questions in Part 2. Sign in to continue using for free and enjoy more services. Free Use after Login A B C D E F G Dan Inputs Standard Quantity Exhibit 10-1: Standard Cost Card Direct materials Direct labor Variable manufacturing overhead 0 Actual results: Actual output 1 2 Actual variable manufacturing overhead cost 3 4 Actual direct materials cost 5 Actual direct labor cost 6 3.0 pounds 0.50 hours 0.50 hours 2,000 units $7,140 Actual Quantity 6,500 pounds 1,050 hours Standard Price $4.00 per pound $22.00 per hour $6.00 per hour Actual price $3.80 per pound $21.60 per hour ? pounds x ? per pound ? ? pounds x ? pounds x ? per pound= ? ? per pound = ? ? 7 Enter a formula into each of the cells marked with a ? below 8 Main Example: Chapter 10 9 Exhibit 10-4: Standard Cost Variance Analysis-Direct Materials 1 Standard Quantity Allowed for the Actual Output, at Standard Price 2 Actual Quantity of Input, at Standard Price: 3 Actual Quantity of Input, at Actual Price 4 Direct materials variances: Materials quantity variance Materials price variance 5 7 Materials spending variance B Exhibit 10-6: Standard Cost Variance Analysis-Direct Labor Standard Hours Allowed for the Actual Output, at Standard Rate 1 Actual Hours of Input, at Standard Rate ? 2 Actual Hours of Input, at Actual Rate 3 Direct labor variances: Labor efficiency variance 5 Labor rate variance Labor spending variance Exhibit 10-8: Standard Cost Variance Analysis-Variable Manufacturing Overhead Standard Hours Allowed for the Actual Output, at Standard Rate O Actual Hours of Input, at Standard Rate Actual Hours of Input, at Actual Rate Variable overhead variances: Variable overhead efficiency variance Variable overhead rate variance Variable overhead spending variance Chapter 10 Form 2 hours x ? hours x ? per hour ? per hour ? ? ? hours x ? per hour ? ? ? ? 7 hours x ? hours x ?hours x ? per hour ? per hour ? 7 7 per hour ? ? 2 ? Revise the data in your worksheet to reflect the results for the subsequent period as shown below: A B C D E 1 Chapter 10: Applying Excel 2 3 Data 4 Exhibit 10-1: Standard Cost Card 5 Inputs Standard Quantity Standard Price 6 Direct materials 3.0 pounds $ 4.00 per pound 7 Direct labor 0.50 hours $ 22.00 per hour 8 Variable manufacturing overhead 0.50 hours $ 6.00 per hour 9 10 Actual results: 11 Actual output 2,200 units 12 Actual variable manufacturing overhead cost $ 6,080.00 13 Actual Quantity Actual price 14 Actual direct materials cost 6,835 pounds $ 3.80 per pound 15 Actual direct labor cost 950 hours $ 22.10 per hour a-1. What is the materials quantity variance? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (ie., zero variance)). The amount of the materials quantity variance ces a-2. What is the materials price variance? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (ie., zero variance)). The amount of the materials price variance b-1. What is the labor efficiency variance? (Indicate the effect of each variance by selecting "F" for favorable. "U" for unfavorable, and "None" for no effect (ie., zero variance)). The amount of the labor efficiency variance b-2. What is the labor rate variance? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Round your final answer to nearest whole dollar amount.) The amount of the labor rate variance c-1. What is the variable overhead efficiency variance? (Indicatp the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero variance)). The amount of the variable overhead efficiency variance c-2. What is the variable overhead rate variance? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance)). The amount of the variable overhead rate variance