Chapter 8: Applying Excel 3 Data Exhibit 8-8: Standard Cost Card StandardStandard Price 3.0 pounds $4.00 0.50 hours $22.00 per Inputs 6 Direct materials 7 Direct labor a- What is the materials quantity variance? (Indicate the effect of each 1. variance by selecting "F"for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) The amount of the materials uantity variance a- What is the materials price variance? (Indicate the effect of eaclh 2. variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance.) The amount of the materials variance b- What is labor efficiency variance? (Indicate the effect of each variance 1. by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) The amount of the labor efficiency variance b- What is labor rate variance? (Indicate the effect of each variance by 2. selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) The amount of the labor rate varlance c-w at is variable overhead efficiency variance? (indicate the effect of 1. each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (ie, zero variance.) The amount of the variable overhead variance