AutoSave OFF ^875-5 Home Insert Draw Page Layout 111Chapter10Homework Question11 Formulas Data Review View Tell me X Liberation Sans v 12 ' ' Insert Wras Text Custom Delete v v Peste BIU a A v Merge & Center 5%" Conditional Format Cell Formatting as Table Styles Format EM v Share Comments Sort & Find & Select Analyze Dala Sensitivity Office Update To keep up-to-date with security updates, fixes, and improvements, choose Check for Updates. P20 * x fx AB 1 Function: IF; Formula: Multiply, Subtract; Cell Referencing 2 3 Using Excel to Prepare a Static and Flexible Direct Labor Budget PROBLEM E F G 6 Rooney Company provided the following information needed for the 7 preparation of its static and flexible budget reports during January, 8 2022. Check for Updates M N P Q R 5 T v W x Y Student Work Area Required: Provide input into cells shaded in yellow in this template. Use mathematical formulas with cell references to the Problem area or work area as indicated. Use the IF function with cell references to label as Favorable or Unfavorable. 9 a. 10 Direct labor rate per direct labor hour $ 11 Actual direct labor cost, January $ 20.00 206,000 12 Expected direct labor hours per month 10,000 13 Actual direct labor hours, January 10,400 14 15 Prepare the following budget reports for January 2022 using Excels' 16 IF function, and evaluate the usefulness of each report. b. 17 a. A static budget report 18 b. A flexible budget report 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 Enter Answer + Direct labor Rooney Company Static Direct Labor Budget Report For the Month Ended January 31, 2022 Budget Actual Rooney Company Difference Flexible Direct Labor Budget Report For the Month Ended January 31, 2022 Budget Actual Difference Direct labor Which budget report is more useful? Flexible Budget Report The static budget does not provide a proper basis for evaluating performance because the budget is not based on the hours actually worked. The flexible budget provides a proper basis for evaluating performance the hours actually worked. because the budget is based on + 100%