Download the Applying Excel form and enter formulas in all cells that contain question marks. For example, in cell D21 enter the formula =D14". 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. Check your worksheet by changing the direct materials standard quantity in cell B6 to 2.9 pounds, the direct labor standard quantity in cell B7 to 0.6 hours, and the variable manufacturing overhead In cell B8 to 0.5 hours. The materials spending varlance should now be $1,500 U, the labor spending varlance 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. Data Exhibit 10-1: Standard Cost Card Inputs Direct materials Direct labor Variable manufacturing overhead 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 Actual results: Actual output Actual variable manufacturing overhead cost 2,000 units $7,140 Actual Quantity 6,500 pounds 1,050 hours Actual direct materials cost Actual direct labor cost Actual price $3.80 per pound $21.60 per hour Enter a formula into each of the cells marked with a ? below Main Example: Chapter 10 Exhibit 10-4: Standard Cost Variance Analysis - Direct Materials Actual Quantity of Input, at Actual Price Actual Quantity of Input, at Standard Price Standard Quantity Allowed for the Actual Output, at Standard Price Direct materials variances: Materials price variance Materials quantity variance Materials spending variance ? pounds ? pounds ? pounds ? per pounds ? per pound ? per pounds ? ? ? ? ? ? ? hours x ? hours x ? hours x ? per hour = ? per hour ? per hour = ? ? ? Exhibit 10-6: Standard Cost Variance Analysis - Direct Labor Actual Hours of Input, at Actual Rate Actual Hours of Input, at Standard Rate Standard Hours Allowed for the Actual Output, at Standard Rate Direct labor variances: Labor rate variance Labor efficiency variance Labor spending variance ? ? ? ? per hour = ? per hour ? per hour = ? ? ? Exhibit 10-8: Standard Cost Variance Analysis - Variable Manufacturing Overhead Actual Hours of Input, at Actual Rate ? hours x Actual Hours of Input, at Standard Rate ? hours x Standard Hours Allowed for the Actual Output, at Standard Rate ? hours x Variable overhead variances: Variable overhead rate variance Variable overhead efficiency variance ? Variable overhead spending variance