1. Compute the direct materials price and quantity variances and explain their significance 2. Compute the direct labor rate and efficiency variances and explain their significance 3. Compute the variable manufacturing overhead rate and efficiency variances and explain their significance KB FILE HOME INSERT Calibri 11 Basic Variance Analysis and the impact of Variances on Unit Costs - Excel ? 15 5 x PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign in AA % A Alignment Number Conditional Format as Cell Ceils Editing Formatting Table Styles Styles fe Standards for one of Patterson, Inc.'s products is shown below, along with actual Paste BIU Gipboard Font AL v B D F G E 1 Standards for one of Patterson, Inc.'s products is shown below, along with actual cost data for the month: 2 Direct materials: 4 Standard 2.4 yards @ $2.75 per yard $6.60 5 Actual 3 yards @ $2.70 per yard $8.10 6 Direct labor: Standard 0.6 hours @ $18.00 per hour 10.80 8 Actual 0.5 hours @ $22.00 per hour 11.00 9 Variable overhead: 10 Standard 0.6 hours $7.00 per hour 4.20 11 Actual 0.5 hours $7.10 per hour 3.55 12 19 Total cost per unit $21.9 $22.55 14 15 Excess of actual cost over standard cost per unit SLOS 26 17 Actual production for the month 13.500 units 15 Vanable overhead is assigned to products based on direct labor hours. There 19 was no beginning or ending inventory of materials for the month. 20 21 Using formulas, compute the following. Input all numbers as positive amounts. Indicate whether the variances are For U. Write it statements for variance cells F30 to F47. Use cell 22 references (formulas) for cells D53-60. Enter an For U to indicate the correct variance in cells 3. Compute the variable manufacturing overhead rate and efficiency variances and explain their significance. KU ? Basic Variance Analysis and the impact of Variances on Unit Costs - Excel PAGE LAYOUT FORMULAS DATA REVIEW VIEW FILE HOME INSERT Sign in Calibri 11 Paste BIU % A Alignment Number Conditional Format as Cell Formatting Table Styles Styles Cells Editing Clipboard Font Al fa Standards for one of Patterson, Inc.'s products is shown below, along with actual B D E F G H 19 was no beginning or ending inventory of materials for the month. 20 21 Using formulas, compute the following. Input all numbers as positive amounts. Indicate whether the variances are For U. Write if statements for variance cells F30 to F47. Use cell references (formulas) for cells D53 - D60. Enter an For U to indicate the correct variance in cells F54 to F62. 22 23 24 | 25 Standard Cost Variance Analysis - Direct Materials 26 Standard Quantity Allowed for Actual Output at Standard Price 27 Actual Quantity of Input, at Standard Price 26 Actual Quantity of input, at Actual Price 29 30 31 32 Materials quantity variance Materials price variance 33 Standard Cost Variance Analysis - Direct Labor 34 Standard Hours Allowed for Actual Output at Standard Rate 35 Actual Hours of input, at Standard Rate 36 Actual Hours of input, at Actual Rate 37 38 Labor efficiency variance Labor rate variance 39 Sheet1 KUB5. Basic Variance Analysis and the Impact of Variances on Unit Costs - Excel FILE HOME INSERT PAGE LAYOUT ? - 5 X Sign In FORMULAS DATA REVIEW VIEW Calibri 11 HE Paste AA A BIU. H- % Alignment Number Conditional Format as Cell Formatting Table Styles Styles Cells Editing Clipboard Font Al Standards for one of Patterson, Inc.'s products is shown below, along with actual D E G H . 45 46 47 48 37 38 Labor efficiency variance 39 Labor rate variance 40 41 Standard Cost Variance Analysis - Variable Manufacturing Overhead 42 Standard Hours Allowed for Actual Output at Standard Rate 43 Actual Hours of Input, at Standard Rate 44. Actual Hours of Input, at Actual Rate Variable overhead efficiency variance Variable overhead rate variance 49 Using formulas, compute the amount of the unit cost difference 50 that is traceable to each of the variances computed above. 51 52 Materials: 53 Quantity variance 54 Price variance 55 Labor: 56 Efficiency variance 57 Rate variance 58 Variable overhead: 59 Efficiency variance 50 Rate variance Sheet1 READY Attempt(s) 100 Soved ances 7 5 - Basic Variance Analysis and the Impact of Variances on Unit Costs - Excel PAGE LAYOUT FORMULAS DATA REVIEW VIEW FILE A HOME Sign In INSERT Calibri - 11 ole Wies Cells Paste BIU -AN % M A Alignment Number Conditional Format as Cell Editing Formatting Table Styles Styles Xe Standards for one of Patterson, Inc.'s products is shown below, along with actual Clipboard Font A1 V - H B E D G 45 46 47 48 Variable overhead efficiency variance Variable overhead rate variance 49 Using formulas, compute the amount of the unit cost difference 50 that is traceable to each of the variances computed above. 51 52 Materials: 55 Quantity variance 54 Price variance 55 tabor 56 Efficiency variance 57 Rate variance 58 Variable overhead: 59 Efficiency variance 60 Rate variance 62 Excess of actual over standard cost per unit 61 63 64 65 66 Sheet1 READY 100% Attempt(s)