Download the Applying Excel form and enter formulas in all cells that contain question marks. For example, in cell D21 enter the formula “= D6” 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 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 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. 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. Data Exhibit 10-1: Standard Cost Card Standard Quantity 3.0 pounds 0.50 hours Inputs Standard Price Direct materials $4.00 per pound $22.00 per hour $6.00 per hour Direct labor Variable manufacturing overhead 0.50 hours Actual results Actual output Actual variable manufacturing overhead cost 2,000 units $7,140 Actual Quantity 6,500 pounds Actual price $3.80 per pound $21.60 per hour Actual direct materials cost Actual direct labor cost 1,050 hours Enter a formula into each of the cells marked with a ? below Main Example: Chapter 10 Exhibit 10-4: Standard Cost Variance Analysis-Direct Materials ? pounds x ? pounds x ?per pound = ? per pound = ? per pound Standard Quantity Allowed for the Actual Output, at Standard Price Actual Quantity of Input, at Standard Price Actual Quantity of Input, at Actual Price ? ? ? pounds x ? Direct materials variances: Materials quantity variance Materials price variance Materials spending variance ? Exhibit 10-6: Standard Cost Variance Analysis- Direct Labor Standard Hours Allowed for the Actual Output, at Standard Rate Actual Hours of Input, at Standard Rate Actual Hours of Input, at Actual Rate Direct labor variances: ?per hour ? per hour ? per hour ? hours x ? ? hours ? hours ? ? Labor efficiency variance Labor rate variance ? ? Labor spending variance ? Exhibit 10-8: Standard Cost Variance Analysis-Variable Manufacturing Overhead Standard Hours Allowed for the Actual Output, at Standard Rate Actual Hours of Input, at Standard Rate Actual Hours of Input, at Actual Rate Variable overhead variances: ? hours x ? per hour= ? per hour ?per hour= ? ? hours x ? ? hours x Variable overhead efficiency variance ? Variable overhead rate variance ? Variable overhead spending variance ? Requirement 2: Revise the data in your worksheet to reflect the results for the subsequent period as shown below: A B C D 1 Chapter 10: Applying Excel 2 3 Data 4 Exhibit 10-1: Standard Cost Card Standard Quantity 3.0 pounds Standard Price Inputs 6 Direct materials 5 $ 4.00 per pound 22.00 per hour $ 0.50 hours 0.50 hours $ Direct labor 8 Variable manufacturing overhead 7 6.00 per hour 9 10 Actual results: Actual output Actual variable manufacturing 1,960 units 11 12 overhead cost $ 7,046 Actual Quantity Actual price 4.40 per pound 22.10 per hour 13 5,875 pounds 1,155 hours $ Actual direct materials cost 14 Actual direct labor cost $ 15 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 (i.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 (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 Requirement 2: Revise the data in your worksheet to reflect the results for the subsequent period as shown below: A C D 1 Chapter 10: Applying Excel 2 3 Data 4 Exhibit 10-1: Standard Cost Card Standard Quantity 3.0 pounds Inputs Standard Price 4.00 per pound $ 22.00 per hour $ 6.00 per hour 6 Direct materials 7 Direct labor 8 Variable manufacturing overhead $ 0.50 hours 0.50 hours 9 10 Actual results: 2,110 units Actual output 11 Actual variable manufacturing 12. 7,616 overhead cost Actual Quantity 6,255 pounds 1,190 hours Actual price 4.10 per pound $ 13 $ Actual direct materials cost 14 21.60 per hour Actual direct labor cost 15 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 (i.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 (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

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