Direct materials variances Bellingham Company produces a product that requires 2.3 standard pounds per unit. The standard price is $3.35 per pound. 16,000 units used 36,200 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 () 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 Unfavorable b. Direct materials quantity variance Favorable c. Direct materials cost variance Unfavorable $ $ D 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 2.3 7 Resources' standard price, per pound $3.35 8 Units produced 16,000 9 Resources used for production, pounds 36,200 10 Resources' actual price, per pound $3.50 11 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 D15:017. Transfer the numeric results for the green entry cells (C15:C17) into the appropriate fields in CNOWV2 for grading. Amount Formulas 12 13 14 15 16 17 18 a. Direct materials price variance b. Direct materials quantity variance c. Direct materials cost variance