1Standards for one of Patterson, Inc.'s products is shown below, along with actual cost data for the month: 4 Standard 5 Actual $2.75 per yard $2.70 per yard 2.4 yards $6.60 $8.10 7 Standard 8 Actual 9 Variable overhead: 10 Standard 0.6 hours @ 0.5 hours @ S18.00 per hour S22.00 per hour 10.80 11.00 0.6 hours @ 0.5 hours @ $7.00 per hour $7.10 per hour 4.20 3.55 13 Total cost per unit $21.60$22.65 $1.05 15 Excess of actual cost over standard cost per unit 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 21 Using formulas,compute the following. Input all numbers as positive amounts. Indicate whether the variances are F or 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 correet variance in cells FS4 to F62 Sheeti 1 of 1 Next Prev 22 cell references (formulas) for cells D53 D60. Enter an F or U to indicate the correct variance in cells F54 to F62. 26 Standard Quantiy Alowed for Actual Output at Siandard Price 27 Actual Quantity of Input, at Standard Price 28 Actual Quantity of Input, at Actual Price 31 Materials price variance 34 Standard Hours Allowed for Actual Output at Standard Rate 3s Actual Hours of Input, at Standard Rate 36 Actual Hours of Input, at Actual Rate 38 Labor efficiency variance 39 Labor rate variance Font G28 ysis 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 46 Variable overhead efficiency variance 47 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. 52 Materials: 53 Quantity variance 54 Price variance 55 Labor: 56 Efficiency variance 58 Variable overhead: 0 Rate variance 2 Excess of actual over standard cost per unit Basic Variance Analysis and the Impact of Variances on Unit Costs significance. 2. Compute the direct labor rate and efficiency 3. Compute the varlable and explain their s overhead rate and efficiency varlances and explain thelr significance 11 E ?-- HOME INSERT PAGE LAYOUT FORMULAS DATA REVEw VIEW Basie Variance Analysis and the Impact of Variances on Unit Costs-Excel Paste BI A Alignment Number Conditional Formst as Cell Cells Editing Formatting Font HI Standard 2 yards@2.75 per yard $6.60 $2.70 per yard 5 Actual 6 Direct labor $8.10 $18.00 per hour $22.00 per hour 1080 8 Actual 0.5 hours @ 11.00 9 Variable overhead: o Standard 11 Actual $7.00 per hour $7.10 per hour 4.20 0.6 hours a 0.5 hours 3.55 $22.65 $105 13 Total cost per unit s Excess of actual cost over standard cost per uni In Basic Variance Analysis and the Impact of Variances on Unit Costs 1. Compute the direct 2. Compute the direct labor rate and efficlency varlances and explain their significance. 3. Compute the varlable manufacturing overhead rate and effliciency varlances and explain thelr significance price and quantity varlances and explain their significance c, .S.; HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW t) . Basic Varance Analysis and the impact of Varances on unit Costs . Excel FILE Sign In B r u. E. 2 . . Aignment Number Conditional Format asael- Cells Editing Paste Formatting Table Styles Font 13,500 units 17 Actual production for the month 19 was no beginning or ending inventory of materials for the month. tive amounts. Indicate whether the variances are F or U. Write if statements for variance cells F30 to F47. Use 22 cell references (formulas) for cells DS3-D60. Enter an For U to indicate the correct variance in cells F54 to F62. 26 Standard Quantity Allowed for Actual Output at Standard Price 27 Actual Quantity of Input, at Standard Price 28 Actual Quantity of Input, at Actual Price 10, 1 iii 2, 2 2