Please be sure to answer bottom question*

And with this question recalculate total variance, price, and quantity variances for both direct materials and labor.

E25-7 E Formulas Data Review View TEAMTell me what you want to o. Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View File Home PROTECTED VIEW Be caref Enable Editing x E25-7 Compute materials and labor variances 1E25 Compute materials and labor variances 2 Levine Inc. which produces a single product, has prepared the following standard cost sheet 3 for one unit of the product Direct materials (8 pounds at $2.50 per pound) Direct labor (3 hours at $12 per hour) $20 $36 During the month of April, the company manufactures 230 units and incurs the following 9 actual costs. 0 Direct materials purchased and used (1,900 pour $5,035 $8,120 11 Direct labor (700 hours) 13 Instructions 14 Compute the total, price, and quantity variances for materials and labor 15 NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a"?" 16 17 9 (a) Total Materiale Variance Becarefu-files from the Internet PROTECTEDVIEW 11 E25-7 Compute materials and labor variances | v' A1 G H X AP ) minus ( SQ : X-SP)-) 21 Vaue X Valueminus Value X Value) (a) Total Materials Variance: ? minusValue 23 AQXAP minusAQX SP) X | Value!) minus ( | Value IX Value! ) 25 Materials price variance: 271 :(Nalue minus ? Value 28 1 Materials quantity variance Value X Value minus Value X Value ? I minus l ? value ! 36 b) Total Labor Variance 39Value XV manus L-2 ] I Value 3 Labor Price variance: ValueXVaeminus ValueXalue) minusValue Labor quantity variance AH (1 Value ) minus ( SH.., X SR ) X Value! ) minus s After you have completed the requirements of E11-7, consider this additional question 1. Assume that the actual quantity and price paid for direct material and labor changed to the following Direct matenals purchased and used (2,000 pounds) Direct labor (720 hours) E25-7 LE2202