Using Excel to Determine Variances PROBLEM In October, Pine Company was determining its overhead variance. Its predetermined overhead rate is based on direct labor hours. The Manufacturing overhead costs incurred $ 118,000 Actual direct labor hours Standard hours allowed for work done Predetermined overhead rate 21,000 20,600 $ 6.00 Student Work Area Required: Provide input into cells shaded in yellow in this template. Use cell references to the Problem area with mathematical formulas in the input cells. In the last input field, input an IF function with cell references to your work area. Compute the amount of the total overhead variance and designate if the variance is favorable or unfavorable using Excel's IF function. Actual overhead Overhead applied Total overhead variance Nature of variance SA $ 118,000 123,600