Chapter 10: Applying Excel: Excel Worksheet (Part 1 of 2) (Algo) Download the Applying Excel form and enter formulas in all cells that contain question marks. For example, in cell D21 enter the formula "D6". Notes: In the text, variances are always displayed as positive numbers. To accomplish this, you can use the ABS() function in Excel For example, the formula in cell B25 would be "=ABS(F21-F22)". Cells C25 through C27, C34 through C36, and C43 through C45 already contain formulas to compute and display whether variances are Favorable or Unfavorable. Do not enter data or formulas into those cells-if you do, you will overwrite these formulas After entering formulas in all of the cells that contained question marks, verify that the amounts match the numbers in the example in the text, Help Save & Exit s Check your worksheet by changing the direct materials standard quantity in cel B6 to 2.9 pounds, the direct labor standard quantity in cell B7 to 0.6 hours, and the variable manufacturing overhead in cell 88 to 0.6 hours. The materials spending variance should now be $1,500 U, the labor spending variance should now be $3,720 F, and the variable overhead spending varlance should now be $60 F. If you do not get these answers, find the errors in your worksheet and correct them Save your completed Applying Excel form to your computer and then upload it here by clicking "Browse." Next, click "Sove." You will use this worksheet to answer the questions in Part 2. upload a response file (15MB max) Choose File No flle chosen download reference file Chapter_10_Applying_Excel_Student_Form xis Requirement 2: Revise the data in your worksheet to reflect the results for the subsequent period as shown below: A B D E 1 Chapter 10: Applying Excel 2 S Standard Quantity 3.0 pounds 0.50 hours 0.50 hours Standard Price 4.00 per pound 22.00 per hour 6.00 per hour $ $ 3 Data 4 Exhibit 10-1: Standard Cost Card 5 Inputs 6 Direct materials 7 Direct labor 8 Variable manufacturing overhead 9 10 Actual results 11 Actual output 12 Actual variable manufacturing overhead cost 13 Actual direct materials cost 15 Actual direct labor cost $ 2.140 units 7324 50 Actual Quantity 6.375 pounds 1 285 hours 5 5 Actual price 430 per pound 21 60 per hour a-1. What is the materials quantity variance? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavo and "None" for no effect (i.e., zero variance)). The amount of the materials quantity variance --2. What is the materials price variance? (Indicate the effect of each variance by selecting "P" for favorable, "U" for unfavorable, and "None" for no effect (le, zero variance)). The amount of the materials price variance Next > Required information The amount of the labor efficiency variance 0:22 nces b-2. What is the labor rate variance? (Indicate the effect of each variance by selecting "F" for "None" for no effect (i.e., zero variance). Round your final answer to nearest whole dollar ar The amount of the labor rate variance