Grizzly Company produces stuffed bears. For this assignment, you

will use Grizzly Company's history of cost and labor, as well as

actual monthly performance numbers, to compute the materials and

labor variances explored in this lesson.DirectionsComplete the following calculations in an Excel file. Be sure to

show and label your work for full credit.Grizzly Company produces stuffed bears. Based on$$its

history,$$it typically uses $3$ pounds of material for each bear,

costing $$6$ per pound. Each bear is expected to have direct labor of

$1$ hour at a rate of $$10\mathrm{.}50.$ In the month of January, the company

produced $155,000$ bears. They had direct materials of $470,000$

pounds, costing on average $$5\mathrm{.}95.$ Direct labor was $143,000$ hours at

an average wage of $$11\mathrm{.}00.$