Hello, I'm trying to build an excel chart for the below and was hoping someone could help with the steps besides just the answer. Thank you!

Jakes Cheese Company produces gourmet cheese for resale at local grocery stores. Jakes expected to use 3.0 pounds of direct

materials to produce one unit (batch) of product at a cost of $8 per pound. Actual results are in for last year, which indicates

45,000 batches of cheese were sold. The company purchased 160,000 pounds of materials at $7.50 per pound, and used

145,000 pounds in production.

Required:

(1) Calculate the materials price variance.

(2) Calculate the materials quantity variance.