E Exercise 21-12 (Static): Direct materials and direct labor variances LO P3 Camila Company has set the following standard cost per unit for direct materials and direct labor. Direct raterials (10 pounds e $3 per pound) Direct labor ( 2 hours \& $12 per hour) 3624 During June the company incurred the following actual costs to produce 9,000 units. Direct materials (92, 60e pounds &$2,95 per pound) Direct labor (18,80e hours e $12.05 per hour) $517,500226,540 AR=ActualRateSR=StandardRateAQ=ActualQuantity For an answer to be graded as correct, you must use an Excel formula: 1. Begin each formula with an = sign. 2. Reference cells, instead of entering values. Example: =B3+C3 A1 2 Camila Company has set the following standard cost per unit for direct materials and direct labor. \begin{tabular}{|r|r|r|} \hline StandardQuantity & StandardPrice & StandardCost \\ \hline 10 & $3.00 & $30 \\ 2 & $12.00 & $24 \\ \hline Actual Units & 9,000 \\ \hline \end{tabular} 9 Actual costs: 10 Direct materials (92,000 pounds @ \$2.95 per pound) 11 Direct labor (18,800 hours @ \$12.05 per hour) \begin{tabular}{|r|r|r|} \hline ActualQuantity & ActualPrice & ActualCost \\ \hline 92,000 & $2.95 & $271,400 \\ \hline 18,800 & $12.05 & 226,540 \\ \hline \end{tabular} 13 AR = Actual Rate AQ= Actual Quantity SQ= Standard Quantity AP= Actual Price SP= Standard Price 14 SR = Standard Rate 15 SQ= Standardquantity Students: The scratchpad area is for you to do any additional work you need to solve this question or can be used to show, Nothing in this area will be graded, but it will be submitted with your assignment. (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. 16 1718 23 24 28 20 30 38 Students: The scratchpad atwa is for you to do any additional work you need to solve this question or can be vied to show your work. Nothuing in this area will be graded, but it will be subraitted with yow assignment