BE12.4-Using Excel to Calculate Direct Materials Variances PROBLEM Sprague Company's uses a standard cost system and has provided the following information for its direct materials during Julv. Standard materials cost per unit of output Standard materials price per kg Cost of materials purchased Standard materials quantity Purchased and used during July $ 10.00 5.00 16,160 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. Units of finished products produced 2 kg 3,200 kg 1,500 Calculate the total, price, and quantity materials variances. Designate if the variance is favourable or unfavourable using Excel's IF function. Actual Cost Actual Quantity at Standard Price Standard Cost at Standard Quantity Material Price Variance Total Material Variance Material Quantity Variance