ACCT 317

Spreadsheet Assignment #3 Standard Costing

Due end of the day on Thursday 4/16

Please use the information provided to complete requirements 1-5 addressing standard costing. MOH is allocated using Machine hours.

1. Compute the variances for the direct manufacturing costs;
2. Compute the variances for the indirect manufacturing costs;
3. Provide the entries to record the direct cost variances;
4. Provide the entries to record the incurrence of actual VMOH and FMOH, the allocation of VMOH and FMOH, and the variances for VMOH and FMOH;
5. Provide the entry to make an adjustment to CGS.

The assignment should consist of four separate sheets in the excel file:

1. a facts sheet with row and column headings;
2. a sheet for requirement 1 with row and column headings;
3. a sheet for requirement 2 with row and column headings;
4. a sheet showing the entries for requirements 3-5.

Format the numbers in the sheets with numbers with comas (1,000,000) and dollar signs if the unit of measure is in dollars

BUDGETED
Direct Materials	5.00	lbs. per unit	$30.00	per lbs.
Direct Labor	2.00	hours per unit	$25.00	per hour
VMOH	$3,200,000
FMOH	$5,600,000
MHRS	80,000	MHRS
Production volume	40,000	units
Allocation base	MHRS
ACTUAL
Direct Materials	4.50	lbs. per unit	$32.00	per lbs.
Direct Labor	2.50	hours per unit	$22.00	per hour
VMOH	$3,192,000
FMOH	$5,300,000
MHRS	84,000	MHRS
Production volume	35,000	units