Question
A B C D E F 1 Chapter 8: Applying Excel 2 3 Data 4 Exhibit 8-8: Standard Cost Card 5 Inputs Standard Quantity Standard
A | B | C | D | E | F | |
1 | Chapter 8: Applying Excel | |||||
2 | ||||||
3 | Data | |||||
4 | Exhibit 8-8: Standard Cost Card | |||||
5 | Inputs | Standard Quantity | Standard Price | |||
6 | Direct materials | 3.0 | pounds | $4.00 | ||
7 | Direct labor | 0.50 | hours | $22.00 | per hour | |
8 | Variable manufacturing overhead | 0.50 | hours | $6.00 | per hour | |
9 | ||||||
10 | Actual results: | |||||
11 | Actual output | 2,090 | units | |||
12 | Actual variable manufacturing overhead cost | $6,174 | ||||
13 | Actual Quantity | Actual price | ||||
14 | Actual direct materials cost | 6,115 | pounds | $3.9 | pounds | |
15 | Actual direct labor cost | 980 | hours | $22.3 | per hour | |
16 |
Requirement 2: |
Revise the data in your worksheet to reflect the results for the subsequent period as shown below: |
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).) |
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).) |
b-1. | What is 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).) |
b-2. | What is 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).) |
c-1. | What is 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).) |
c-2. | What is 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).) |
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