A B C D E F G H . J 1 Function: IF; Formula: Subtract, Multiply; Cell Referencing 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. 3 Using Excel to Determine Overhead Variances PROBLEM 5 In October, Pine Company was determining its overhead variance. Its 6 predetermined overhead rate is based on direct labor hours. The following 7 information was provided. 8 9 Manufacturing overhead costs incurred $ 118,000 10 Actual direct labor hours 21,000 11 Standard hours allowed for work done 20,600 12 Predetermined overhead rate $ 6.00 Compute the amount of the total overhead variance and designate if the variance is favorable or unfavorable using Excel's IF function. 13 14 Actual overhead Overhead applied Total overhead variance 15 16 Nature of variance 17 18 19 20 21 22 23 24