Direct labor variances Bellingham Company produces a product thet requires 3 standard direct labor hours per unit at standard hourly rate of $20.00 per hour. 15,300 units used 66,200 hours at an hourly rate of $19.40 per hour. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet What is the direct labor (a) rate variance, (b) time variance, and (c) cost variance? Round your answers to the nearest dollar. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Feedback Check My Work Unfavorable variances can be thought of as increasing costs (a debit). Favorable variances can be thought of as decreasing costs (a credit). The labor cost variance is the difference between the actual and standard labor cost. The following data is provided for Bellingham Company: Using formulas and cell references, perform the required analysis, and input your answers into the green cells in the Amount column. Select the corresponding type of variance in the dropdowns in cells D15:D17. Transfer the numeric results for the green entry cells (C15:C17) into the appropriate fields in CNOWv2 for grading. a. Direct labor rate variance b. Direct labor time variance c. Direct labor cost variance Amount Formulas