You are provided with the following information. Direct materials Direct labor Variable manufacturing overhead Actual results: Actual output Actual variable manufacturing overhead cost $ Inputs Actual direct materials cost Actual direct labor cost Actual Quantity Required: Use the information above to calculate the variances. Note: Use ABS() formula for variances. Actual Hours Actual Hours X X X Actual Quantity 6,550 pounds 1,120 hours Actual Price Actual Rate Standard Quantity 2.9 pounds 0.65 hours 0.65 hours Actual Rate 2,120 units 7,260 $ $ $ $ $ Standard Price Actual Price 3.97 per pound 21.35 per hour 4.15 per pound 22.00 per hour 5.89 per hour Actual Quantity Actual Hours Direct Materials Actual Hours X Direct Labor Variable Overhead X Standard Price Standard Rate Standard Rate Standard Quantity Standard Hours Standard Hours X X X Standard Price Standard Rate Standard Rate
Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
You are provided with the following information. Please give me the answers in an excel format.

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