! Required information Chapter 09: Applying Excel (LO9-4, LO9-5, LO9-6] Step 1: Download the Applying Excel form located on the left-hand side, under files. Step 2: Then enter formulas in all cells that contain question marks. For example, in cell D21 enter the formula "=D14". Step 3: Check your worksheet by changing the direct materials standard quantity in cell B6 to 2.9 pounds, the direct labor standard quantity in cell B7 to 0.6 hours, and the variable manufacturing overhead in cell B8 to 0.6 hours. The materials spending variance should now be $1,500 U, the labor spending variance should now be $3,720 F, and the variable overhead spending variance should now be $60 F. If you do not get these answers, find the errors in your worksheet and correct them. Important Note: In the text, variances are always displayed as positive numbers. To accomplish this, you can use the ABSO function in Excel. For example, the formula in cell B25 would be "=ABS(F21-F22)". Cells C25 through C27, C34 through C36, and C43 through C45 already contain formulas to compute and display whether variances are Favorable or Unfavorable. Do not enter data or formulas into those cellsif you do, you will overwrite these formulas. Step 4: Proceed to the requirements below only after completing your worksheet as it will be used to answer the following questions Chapter 09: Applying Excel: Exercise Requirement 2: Revise the data in your worksheet to reflect the results for the subsequent period as shown below: A B D E 1 Chapter 09: Applying Excel 2 3 Data 4 5 Exhibit 9-8: Standard Cost Card Inputs Direct materials Direct labor 6 Standard Quantity 3.0 pounds 0.50 hours $ Standard Price 4.00 per pound 22.00 per hour 7 $ Chapter 9: Applying Excel Data Exhibit 9-8: Standard Cost Card Inputs Direct materials Direct labor Variable manufacturing overhead Standard Quantity 3.0 pounds 0.50 hours 0.50 hours Standard Price $4.00 per pound $22.00 per hour $6.00 per hour Actual results: Actual output Actual variable manufacturing overhead cost 2,000 units $7,140 Actual Quantity 6,500 pounds 1,050 hours Actual direct materials cost Actual direct labor cost Actual price $3.80 per pound $21.60 per hour Enter a formula into each of the cells marked with a ? below Main Example: Chapter 9 Exhibit 9-11: Standard Cost Variance Analysis - Direct Materials Actual Quantity of Input, at Actual Price Actual Quantity of Input, at Standard Price Standard Quantity Allowed for the Actual Output, at Standard Price Direct materials variances: Materials price variance Materials quantity variance Materials spending variance ? pounds ? pounds ? pounds ? per pound ? per pound ? per pound 11 11 11 ? ? ? ? ? ? hours x ? hours x ? hours Exhibit 9-12: Standard Cost Variance Analysis-Direct Labor Actual Hours of Input, at Actual Rate Actual Hours of Input, at Standard Rate Standard Hours Allowed for the Actual Output, at Standard Rate Direct labor variances: Labor rate variance Labor efficiency variance Labor spending variance ? per hour = ? per hour = ? per hour = ? ? ? .. ? ? ? Exhibit 9-13: Standard Cost Variance Analysis-Variable Manufacturing Overhead Actual Hours of Input, at Actual Rate ? hours x Actual Hours of Input, at Standard Rate ? hours Standard Hours Allowed for the Actual Output, at Standard Rate ? hours x Variable overhead variances: Variable overhead rate variance ? Variable overhead efficiency variance ? Variable overhead spending variance ? ? per hour = ? per hour = ? per hour = ? ? 3 5 $ Standard Quantity 3.0 pounds 0.50 hours 0.50 hours Standard Price 4.00 per pound 22.00 per hour 6.00 per hour $ $ Data 4 Exhibit 9-8: Standard Cost Card Inputs 6 Direct materials 7 Direct labor 8 Variable manufacturing overhead 9 10 Actual results: 11 Actual output Actual variable manufacturing overhead cost 13 14 Actual direct materials cost 15 Actual direct labor cost 2 $ 2,020 units 6,925.50 Actual Quantity 6,075 pounds 1,215 hours Actual price 4.10 per pound 22.10 per hour $ a-1. What is the materials quantity variance? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance)). The amount of the materials quantity variance a-2. What is the materials price variance? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance)). The amount of the materials price variance b-1. What is the labor efficiency variance? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance)). The amount of the labor efficiency variance b-2. What is the labor rate variance? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Round your final answer to nearest whole dollar amount.) The amount of the labor rate variance C-1. What is the variable overhead efficiency variance? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance)). The amount of the variable overhead efficiency variance C-1. What is the variable overhead efficiency variance? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance)). The amount of the variable overhead efficiency variance C-2. What is the variable overhead rate variance? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance)). The amount of the variable overhead rate variance