I need hep filling this out on variances. Also, can you give me a detailed summary of what all this means?

Problem and Requirements The primary purpose of this assignment is to give you practice calculating variances. The variances you need to calculate are described under the "REQUIRED" heading below. The secondary purpose of this assignment is to improve your proficiency in using Excel as a tool for analysis (as opposed to word processing software). REQUIRED: All yellow cells in this template (right) must be completed with formulas referencing other cells. For example, do not just type the number $661,254 in cell F9. Instead, you must enter the formula in the cell to calculate this number. Indicate whether variances are favorable (FAV) or unfavorable (UNF) in the "green" cells beside each amount. Some formulas will reference the problem; other formulas will use cells in the template. Variances should not have a minus sign or parentheses. SUBMISSION: You must submit your Excel file (1) with the yellow and green cells completed and (2) submit a written report in Word according to instructions included in the Canvas assignment. You must name the file in this format: ACC3365_Calculations_[1st initial, last name) and ACC3365_Letter_[1st initial, last name]. Be certain to include your full name in the cell in the upper right corner of the first line (above) in this file. Assignment will not be accepted late other than due to emergency situations as described in the syllabus. PROBLEM: Mascot Mfg. makes awnings for athletic team tailgating and uses a standard costing system. The company recognizes (isolates) materials price variances at the time the materials are purchased. They allocate (apply) OH based on # of DL hours. Following are this year's cost and standards data; assumes 52 weeks per year. Standards (for a planned level of production of 2,200 units per month) Standards (for a planned level of production of 2,200 units per month) Direct Materials Yards per awning Price per yard $ 22 13 Direct Labor 5 15 Hours per awning Rate per hour $ Variable MOH standard rate per direct labor hour $ Fixed MOH standard rate per direct labor hour $ Total budgeted fixed MOH cost $ 6 63,500 Actual cost and data from the current month: Number of yards purchased Cost of yards purcha $ Number of yards used Number of awnings produced Actual direct labor hours Actual direct labor cost $ Actual variable MOH $ Actual fixed MOH $ 51,260 661,254 $ 12.90 per yd 47,500 2,200 10,850 168,175 $ 15.50 per hr 93,310 67,500 Calculate these variances using the templates to the right. 1. Direct material variances 2. Direct labor variances 3. Variable MOH variances 4. Fixed MOH variances Requirement #2 Write a one page letter summarizing: 1. What the variances mean, and 2. What conclusion do you draw from the variances? Actual Cost Example: $ 661,254 Templates Direct Materials Actual Input Quantity x Budgeted (Std) Price Purchases Flexible Budget (Applied) Usage Price Variance Efficiency Variance NOTE: There is NO "total" variance because Price & Efficiency Variances are measured at different times for DM. Actual Cost Direct Labor Actual Input Quantity x Budgeted (Std) Rate Flexible Budget (Applied) Price Variance Efficiency Variance Flexible Budget (TOTAL) Variance Actual Cost Incurred Variable Manufacturing Overhead Actual Input Quantity x Budgeted (Std) Rate Flexible Budget (Applied) Allocated Spending Variance Efficiency Varience Flexible Budget (TOTAL) Variance Actual Cost Incurred Variable Manufacturing Overhead Actual Input Quantity x Budgeted (Std) Rate Flexible Budget (Applied) Allocated Spending Variance Efficiency Varience Flexible Budget (TOTAL) Variance Fixed Manufacturing Overhead Actual Cost Incurred Static FOH Budget Flexible Budget (Same as Static) Allocated Spending Variance Production Volume Variance TOTAL Fixed OH Variance