Question
Accessibility tab summary: Financial information for Patterson Incorporated, is presented in cells A4 to G14 and rows 16 to 17. A statement of requirement is
Accessibility tab summary: Financial information for Patterson Incorporated, is presented in cells A4 to G14 and rows 16 to 17. A statement of requirement is presented in rows 19 to 24. A table for Standard Cost Variance Analysis - Direct Materials for student presentation is presented in cells A26 to B29 and A31 to C32. A table for Standard Cost Variance Analysis - Variable Manufacturing Overhead for student presentation is presented in cells A43 to B45 and A47 to C48. A statement of requirement is presented in row 50. A table for student presentation is presented in cell A52 to E62. Standards for one of Patterson, Inc.'s products is shown below, along with actual cost data for the month: Direct materials: Standard 2.4 yards @ $2.75 per yard $6.60 Actual 3.0 yards @ $2.70 per yard $8.10 Direct labor: Standard 0.6 hours @ $18.00 per hour 10.80 Actual 0.5 hours @ $22.00 per hour 11.00 Variable overhead: Standard 0.6 hours @ $7.00 per hour 4.20 Actual 0.5 hours @ $7.10 per hour 3.55 Total cost per unit $21.60 $22.65 Excess of actual cost over standard cost per unit $1.05 Actual production for the month 13,500 units Variable overhead is assigned to products based on direct labor hours. There was no beginning or ending inventory of materials for the month. Required: Using formulas, compute the following. Input all numbers as positive amounts. (Hint: This can be done using the ABS function). (Use cells A5 to G14 and cell B16 from the given information, as well as cells A27 to D62 to complete this question. All formulas must return positive values. For each variance, select either "Favorable" or "Unfavorable".) Standard Cost Variance Analysis - Direct Materials Standard Quantity Allowed for Actual Output at Standard Price Actual Quantity of Input, at Standard Price Actual Quantity of Input, at Actual Price Materials quantity variance Materials price variance Standard Cost Variance Analysis - Direct Labor Standard Hours Allowed for Actual Output at Standard Rate Actual Hours of Input, at Standard Rate Actual Hours of Input, at Actual Rate Labor efficiency variance Labor rate variance Standard Cost Variance Analysis - Variable Manufacturing Overhead Standard Hours Allowed for Actual Output at Standard Rate Actual Hours of Input, at Standard Rate Actual Hours of Input, at Actual Rate Variable overhead efficiency variance Variable overhead rate variance Using formulas, compute the amount of the unit cost difference that is traceable to each of the variances computed above. Materials: Quantity variance Price variance Labor: Efficiency variance Rate variance Variable overhead: Efficiency variance Rate variance Excess of actual over standard cost per unit (please show excel workings please)
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