A B 1 K 2 3 a 11 C F G H Functions: IF; Formula: Multiply, Add, Subtract; Cell Referencing 3 E6.13 - Using Excel to Calculate Variances Student Work Area 4 PROBLEM Required: Provide input into cells shaded in yellow in this 5 The following information is available for Coady's Chocolates: template. Use mathematical formulas with cell references to 6 the Problem or work area as indicated. Use the IF function 7 Actual production, boxes 3,400 to denote if each variance is Favorable or Unfavorable. Budgeted production, boxes 3,000 9 Direct materials standards 10 Pounds of chocolate per box 3 AQ X AP AQ x SP Cost per pound $ 6.00 12 Actual direct materials Direct Materials 13 Pounds of chocolate purchasec 9,000 Price Variance Pounds of chocolate used 9,500 15 Cost per pound $ 6.10 16 17 a. Calculate the direct materials price and quantity AQ SP SQ X SP 18 variances 19 b. What might have caused the variances you Direct Materials 20 calculated? Quantity 21 22 23 24 b. 25 26 27 28 14 b