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Direct materials variances Bellingham Company produces a product that requires 2.3 standard pounds per unit. The standard price is 53.25 per pound, 16,500 units used 36,500 pocinds, which were purchased at $3.40 per pound. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the qieestians below Open spreadsheet What is the direct materials (a) price yariance, (b) quantity variance, and (c) cost yariance? Round your answers Io the nearest dollar. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive numbec, F checr Mr Wark Untavoratie variances can be evought of as inceasing costs (a debt). Favorable variances can be thought of as decreasing coits (a cradai). Cost wariance is the difference between the actual and standard total cost