Standards for one of Patterson, Inc.'s products is shown below, along with actual cost data for the month: Direct materials: Standard Actual Direct labor: Standard Actual Variable overhead: 1 Standard Actual B Total cost per unit 4 Excess of actual cost over standard cost per unit 5 6 Actual production for the month 2.4 yards 3.0 yards $2.75 per yard 56.60 $2.70 per yard $8.10 0.6 hours 0.5 hours $18.00 per hour $22.00 per hour 10.80 11.00 0.6 hours 0.5 hours $7.00 $7.10 per hour per hour 4.20 3561 $21.60 52265 $1.05 13,500 units 7 Variable overhead is assigned to products based on direct labor hours. There was no beginning or ending inventory of materials for the month. Required Using formulas, compute the following input all numbers as positive amounts. 1 (Hint: This can be done using the ABS function) 2 3(Use cells A5 to G14 and cell B16 from the given information, as well as cells A27 to D62 to complete this question. All formulas must return positive values. For each varia 4 select either "Favorable" or "Unfavorable".) 6 Standard Cost Variance Analysis-Direct Materials 3 Standard Quantity Allowed for Actual Output at Standard Price Actual Quantity of Input, at Standard Price . Actual Quantity of Input, at Actual Price 1 Materials quantity variance 2 Materials price variance B 4 Standard Cost Variance Analysis-Direct Labor 5 Standard Hours Allowed for Actual Output at Standard Rate Actual Hours of input, at Standard Rate Actual Hours of Input, at Actual Rate Labor efficiency variance 0 Labor rate variance 1 B Standard Cost Variance Analysis-Variable Manufacturing Overhead Standard Hours Allowed for Actual Output at Standard Rate Actual Hours of input, at Standard Rate 5 Actual Hours of Input, at Actual Rate Variable overhead efficiency variance 8 Variable overhead rate variance . 1 Using formulas, compute the amount of the unit cost difference that is traceable to each of the variances computed above. 2 Materials: Quantity variance B 4 Price variance 5 Labor Efficiency variance 3 Rate variance 8 Variable overhead: 9 Efficiency variance Rate variance 1 2 Excess of actual over standard cost per unit B 4 6 Students: The scratchpad area is for you to do any additional work you need to solve this question or can be used to show your work. 7 Nothing in this area will be graded, but it will be submitted with your assignment.