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1. Compute the direct materials price and quantity varlances and explain their significance. 2. Compute the direct labor rate and efficiency varlances and explain their

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1. Compute the direct materials price and quantity varlances and explain their significance. 2. Compute the direct labor rate and efficiency varlances and explain their significance. 3. Compute the variable manufacturing overhead rate and efficiency variances and explain their significance. ? - X 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 A % Paste Cells Editing :: Alignment Number Conditional Format as Cell Formatting Table Styles Styles Clipboard Font > C53 fac =E30/E17 A F H 1 B D E 1 Standards for one of Patterson, Inc.'s products is shown below, along with actual cost data for the month: 2 $6.60 $2.75 per yard $2.70 per yard $8.10 10.80 3 Direct materials: 4 Standard 2.4 yards @ 5 Actual 3 yards @ 6 Direct labor: 7 Standard 0.6 hours @ 8 Actual 0.5 hours @ 9 Variable overhead: 10 Standard 0.6 hours @ 11 Actual 0.5 hours @ 12 13 Total cost per unit $18.00 per hour $22.00 per hour 11.00 4.20 $7.00 per hour $7.10 per hour 3.55 $21.60 $22.65 14 15 Excess of actual cost over standard cost per unit $1.05 16 17 Actual production for the month 13,500 units 18 Variable 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 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 22 x H 5 - Basic Variance Analysis and the Impact of Variances on Unit Costs - Excel ? . FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In % Calibri 11 M Paste BIU - % A Alignment Number Conditional Format as Cell Formatting Table Styles Styles Cells Editing Clipboard Font C53 fic =E30/E17 A B D E F G H 1 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 22 references (formulas) for cells D53 - D60. Enter an For U to indicate the correct variance in cells F54 to F62. 23 24 $ 25 Standard Cost Variance Analysis - Direct Materials 26 Standard Quantity Allowed for Actual Output at Standard Price Actual Quantity of Input, at Standard Price 28 Actual Quantity of Input, at Actual Price 27 89,100 111,375 109,350 29 30 Materials quantity variance Materials price variance $ $ 22,275 U 2,025 F 31 32 $ 145,800 121,500 148,500 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 $ 24,300 F 39 Labor rate variance $ 27,000 U 40 Sheet1 + 100% READY Attempt(s) 0/3 Hint Show Me H5 El - 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 % Alignment Number Conditional Format as Cell Formatting Table Styles Styles Cells Editing Clipboard Font C53 =E30/E17 A B D E F G H 1 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 56,700 47,250 47,925 45 46 Variable overhead efficiency variance Variable overhead rate variance $ $ 9,450 F 675 U 47 48 F 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 $1.65 lu 54 Price variance 55 Labor: 56 Efficiency variance 57 Rate variance 58 Variable overhead: 59 Efficiency variance 60 Rate variance 61 Excess of actual over standard cost per unit 62 63 Sheet1 + + 100% READY Attempt(s) 0/3 Hint Show Me 1. Compute the direct materials price and quantity varlances and explain their significance. 2. Compute the direct labor rate and efficiency varlances and explain their significance. 3. Compute the variable manufacturing overhead rate and efficiency variances and explain their significance. ? - X 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 A % Paste Cells Editing :: Alignment Number Conditional Format as Cell Formatting Table Styles Styles Clipboard Font > C53 fac =E30/E17 A F H 1 B D E 1 Standards for one of Patterson, Inc.'s products is shown below, along with actual cost data for the month: 2 $6.60 $2.75 per yard $2.70 per yard $8.10 10.80 3 Direct materials: 4 Standard 2.4 yards @ 5 Actual 3 yards @ 6 Direct labor: 7 Standard 0.6 hours @ 8 Actual 0.5 hours @ 9 Variable overhead: 10 Standard 0.6 hours @ 11 Actual 0.5 hours @ 12 13 Total cost per unit $18.00 per hour $22.00 per hour 11.00 4.20 $7.00 per hour $7.10 per hour 3.55 $21.60 $22.65 14 15 Excess of actual cost over standard cost per unit $1.05 16 17 Actual production for the month 13,500 units 18 Variable 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 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 22 x H 5 - Basic Variance Analysis and the Impact of Variances on Unit Costs - Excel ? . FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In % Calibri 11 M Paste BIU - % A Alignment Number Conditional Format as Cell Formatting Table Styles Styles Cells Editing Clipboard Font C53 fic =E30/E17 A B D E F G H 1 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 22 references (formulas) for cells D53 - D60. Enter an For U to indicate the correct variance in cells F54 to F62. 23 24 $ 25 Standard Cost Variance Analysis - Direct Materials 26 Standard Quantity Allowed for Actual Output at Standard Price Actual Quantity of Input, at Standard Price 28 Actual Quantity of Input, at Actual Price 27 89,100 111,375 109,350 29 30 Materials quantity variance Materials price variance $ $ 22,275 U 2,025 F 31 32 $ 145,800 121,500 148,500 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 $ 24,300 F 39 Labor rate variance $ 27,000 U 40 Sheet1 + 100% READY Attempt(s) 0/3 Hint Show Me H5 El - 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 % Alignment Number Conditional Format as Cell Formatting Table Styles Styles Cells Editing Clipboard Font C53 =E30/E17 A B D E F G H 1 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 56,700 47,250 47,925 45 46 Variable overhead efficiency variance Variable overhead rate variance $ $ 9,450 F 675 U 47 48 F 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 $1.65 lu 54 Price variance 55 Labor: 56 Efficiency variance 57 Rate variance 58 Variable overhead: 59 Efficiency variance 60 Rate variance 61 Excess of actual over standard cost per unit 62 63 Sheet1 + + 100% READY Attempt(s) 0/3 Hint Show Me

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