Required information The Chapter 9 Form worksheet is to be used to create your own worksheet version of the main example in the text Download the Applying Excel form and enter formulas in all cells that contain question marks. For example, in cell D21 enter the formula - D14" Notes In the text, variances are always displayed as positive numbers to accomplish this, you can use the ABS() 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 cells ---If you do, you will overwrite these formulas After entering formulas in all of the cells that contained question marks verify that the amounts match the numbers in the in the text This question will be sent to your instructor for grading. For example, in cell D21 enter the formula "014" Notes In the text, variances are always displayed as positive numbers. To accomplish this, you can use the ABS() function in Excel For example, the formula in cell B25 would be *ABS(F21-F227 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 cells--if you do you will overwrite these formulas After entering formulas in all of the cells that contained question marks, verify that the amounts match the numbers in the example in the text 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 06 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 Save your completed Applying Excel form to your computer and then upload it here by clicking "Browse." Next, click "Save. You will use this worksheet to answer the questions in Part 2 3 C D E F G H Standard Quantity 30 pounds 0.50 hours 0.50 hours Standard Price $400 per pound $22.00 per hour $6.00 per hour 2.000 units 57.140 Actual Quanbly 6.500 pounds 1,050 hours Actual price 53 80 per pound $21.60 per hour 1 Chapter 9: Applying Excel 2 3 Data 4 Exhibit 9-8: Standard Cost Card 5 Inputs 6 Direct materials 7. Direct labor 8 Variable manufacturing overhead 9 10 Actual results 11 Actual output 12 Actual variable manufacturing overhead cost 13 14 Actual direct materials cost 15 Actual direct labor cost 16 17 Enfer a formula into each of the cells marked with a ? below 18 Main Example: Chapter 9 19 20 Exhibit 9-11: Standard Cost Variance Analysis - Direct Materials 21 Actual Quantity of Input, at Actual Price 22 Actual Quantity of Input, at Standard Price 23 Standard Quantity Allowed for the Actual Output, at Standard Price 24 Direct materials variances 25 Materials price variance 26 Materials quantity variance 27 Materials spending variance 28 29 Exhibit 9-12: Standard Cost Variance Analysis - Direct Labor 30 Actual Hours of Input at Actual Rate - Card Chapter 9 Form 2 pounds ? pounds 2 pounds ? per pound ? per pound = 2 per pound 2 2 2 2 2 2 2 hours ? per hour = D F H E ? per pound 2 per pound 2 7 2 per hour ? per hour = 2 per hour 2 7 2 B 22 Actual Quantity of Input, at Standard Price 2 pounds 23 Standard Quantity Allowed for the Actual Output, at Standard Pnce 2 pounds 24 Direct materials vanances 25 Materials price vanance ? 26 Matenals quantity variance ? 27 Materials spending variance 2 28 29 Exhibit 9-12: Standard Cost Variance Analysis-Direct Labor 30 Actual Hours of Input, at Actual Rate 7 hours 31 Actual Hours of Input, at Standard Rate 2 hours 32 Standard Hours Allowed for the Actual Output, at Standard Rate 7 hours 33 Direct labor vanances 34 Labor rate variance 7 35 Labor efficiency variance 2 36 Labor spending variance 2 37 38 Exhibit 9-13: Standard Cost Variance Analysis-Variable Manufacturing Overhead 39 Actual Hours of Input, at Actual Rate 7 hours 40 Actual Hours of Input, at Standard Rate 7 hours 41 Standard Hours Allowed for the Actual Output, at Standard Rate 7 hours 42 Variable overhead variances: 43 Variable overhead rate variance ? ? 44 Variable overhead efficiency variance 45 Vanable overhead spending variance 46 47 2 per hour 7 per hour = 2 per hour 2 2 2 50 51 Required information The Chapter 9 Form worksheet is to be used to create your own worksheet version of the main example in the text. Requirement 2 Revise the data in your worksheet to reflect the results for the subsequent period as shown below B c Chapter 09: Applying Excel D E 11 2 3 Data 4 5 6 Exhibit 9.8. Standard Cost Card Inputs Direct materials Direct labor Vanable manufacturing overhead S Standard Quantity 3.0 pounds 0 50 hours 0.50 hours Standard Price 400 per pound 2200 per hour 6.00 per hour 7 S $ Che 8 Variable manufacturing overhead 9 0.50 hours $ 6.00 per hour 10 Actual results 11 Actual output 12 Actual variable manufacturing overhead cost 13 14 Actual direct materials cast 15 Actual direct labor cost $ 1940 units 7.150.00 Actual Quantity 5.730 pounds 1.100 hours $ Actora nice 420 per pound 21.60 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 (.e., zero variance)), The amount of the materials quantity vanance