McGrade Industries also has the following information regarding overhead for October: actual overhead $375,000, standard variable overhead of $3 per direct labor hour, and standard fixed overhead of $5 per direct labor hour (based on 47,000 hours budgeted). Modify the PRIMEVAR excel worksheet to compute all appropriate overhead variances.

Hint: Insert several new rows in the Data Section and in the Answer Section

Note: please copy this exact layout for your response and insert the additional information/rows where they should be and show formulas used

A B C D $15.90 $16.00 39,500 38,000 $8.05 $8.00 1 2 PRIMEVAR 3 Material and Labor Variances 4 5 Data Section 6 7 Materials price variance input 8 Actual cost of material per pound (ounce, etc.) 9 Standard cost of mat. per pound (ounce, etc.) 10 11 Materials quantity variance input 12 Actual quantity of materials used 13 Standard quantity of mat. used for actual output 14 15 Labor rate variance input 16 Actual cost of labor per hour 17 Standard cost of labor per hour 18 19 Labor efficiency variance input 20 Actual quantity of hours incurred 21 Standard quantity of hours for actual output 22 23 Answer Section 24 25 26 Material price variance ($3,950) 27 Material quantity variance 24,000 28 29 Total materials variance 30 31 Labor rate variance $2,200 32 Labor efficiency variance (12,800) 33 34 Total labor variance 35 36 Total materials and labor variances 37 38 44,000 45,600 For U F U $20,050 U U F (10,600) F $9,450 U B C D PRIMEVAR Material and Labor Variances =628050/39500 16 39500 =7600*5 =354200/44000 =8 1 2 3 4 5 Data Section 6 7 Materials price variance input 8 Actual cost of material per pound (ounce, etc.) 9 Standard cost of mat. per pound (ounce, etc.) 10 11 Materials quantity variance input 12 Actual quantity of materials used 13 Standard quantity of mat. used for actual output 14 15 Labor rate variance input 16 Actual cost of labor per hour 17 Standard cost of labor per hour 18 19 Labor efficiency variance input 20 Actual quantity of hours incurred 21 Standard quantity of hours for actual output 22 23 Answer Section 24 25 26 Material price variance 27 Material quantity variance 28 29 Total materials variance 30 31 Labor rate variance 32 Labor efficiency variance 33 34 Total labor variance 35 36 Total materials and labor variances 37 38 44000 =760006 =(D8-D9) D12 =(D12-D13)*D9 For U =IF(B26>0,"U", "F") =IF(B27>0,"U", "F") =B26+B27 =IF(C29>0,"U","F") =(D16-D17)*D20 =(D20-D21)*D17 =IF(B31>0," =IF(B320," U", IF(B31=0," NA"," U",IF(B32=0," NA"," =B31+B32 =IF(C34>0," U". IF(C34=0," NA"." =C29+C34 =IF(C36>0," U", IF(C36=0," NA