3 Data 4 Exhibit 8-8: Standard Cost Card Direct materials Variable manufacturing overhead Standard Quantity Standard Price In 3.0 pounds$4.00 per pound 0.50 hours $22.00 per hour 0.50 hours$6.00 per hour 7 Direct labor 0 Actual results: 11 Actual output 12 Actual variable manufacturing overhead cost 2,000 units $7,140 Actual Quantity Actual price 6,500 pounds $3.80 per pound 1,050 hours $21.60 per hour 14 Actual direct materials cost Actual direct labor cost 15 16 17 Enter a formula into each of the cells marked with a ? below 18 Main Example: Chapter 8 19 20 Exhibit 8-11: Standard Cost Variance Analysis-Direct Materials 21 Standard Quantity Allowed for the Actual Output, at Standard Price 22 Actual Quantity of Input, at Standard Price 23 Actual Quantity of Input, at Actual Price 24 Direct materials variances: 25 Materials quantity variance 2 Materials price variance 27 Materials spending variance -?'per pound ?pounds x ? poundsx ?.pounds x ? per pound ?.per pound = 28 29 Exhibit 8-12: Standard Cost Variance Analysis-Direct Labor ? hours x ? hours ? hours x ? per hour = ? per hour - per hour a 30 Standard Hours Allowed for the Actual Output, at Standard Rate Actual Hours of Input, at Standard Rate 31 Actual Hours of Input, at Actual Rate 32 33 34 35 30 Direct labor variances Labor efficiency variance Labor rate variance Labor spending variance e Exhibit 8-13: Standard Cost Variance Analysis-Variable Manufacturing Overhead 3 Standard Hours Allowed for the Actual Output, at Standard Rate 40 Actual Hours of Input, at Standard Rate 1 Actual Hours of Input, at Actual Rate 42 Variable overhead variances 43 Variable overhead efficiency variance 44 Variable overhead rate variance 45 Variable overhead spending variance 40 ? hours ? hours ? hours x ? per hour ? per hour ? per hour