Direct materials variances Bellingham Company produces a product that requires 2.3 standard pounds per unit. The standard price is $3.30 per pound. 16,300 units used 35,700 pounds, which were purchased at $3.50 per pound. 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 materials (a) price variance, (b) quantity 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. a. Direct materials price variance b. Direct materials quantity variance c. Direct materials cost variance E 1 Direct materials variances 2 3 The following data is provided for Bellingham Company: 4 5 DATA 6 Resources' requirements, standard pounds per unit Resources' standard price, per pound 7 8 Units produced 9 Resources used for production, pounds 2.3 $3.30 16,300 35,700 $3.50 10 Resources' actual price, per pound 11 12 13 14 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. 15 a. Direct materials price variance 16 b. Direct materials quantity variance 17 c. Direct materials cost variance 18 19 Amount Formulas