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All three pictures are one question and related ? Thank you Instructions: Read the Problem Data and complete the calculations section. Enter data in the
All three pictures are one question and related ? Thank you
Instructions: Read the Problem Data and complete the calculations section. Enter data in the blue cells and formulas in the yellow cells. Gray cells require no entry. Problem Data XYZ Co. manufactures two products, Product A and Product B. Both products require Material 1 and Material 2. Plant information regarding standards follows. Standard per Case of product Std price per unit Product A Product B Material 1 (lbs) $ 7.15 10 9 $ 2.00 15 18 Material 2 (lbs) std labor quantity (hrs) Std labor rates p/hr 0.50 0.75 $ 20.00 $ 20.00 At the end of the year, ABC had the following actual results. There were no beginning or ending inventories for either Materials 1 or 2. Actuals per product Actual Production (cases) Actual Labor rate Actual Hours used Product A 5,250 20.42 $ 2,660 Product B 10,200 19.80 7,550 $ $ Actual price per Ib Actual Ibs purchased & used Material 1 7.21 $ 145,000 Material 2 1.98 261,200 Calculations 1. Compute the Direct Materials Price, Quantity, and total variances. Material 1 Material 2 Total enter data in blue cells Direct Materials Price Variance: Actual Price Standard Price Variance x Actual Quantity DM Price Variance Favorable or Unfavorable? enter formulas in yellow cells use the "F" formula in these cells Quantity Variance: Actual Quantity Standard Quantity Variance x Standard Price DM Quantity Variance Favorable or Unfavorable? enter data in blue cells standard quantity at ACTUAL level of prodcution! enter formulas in yellow cells use the "F" formula in these cells Total Direct Materials Variance Favorable or Unfavorable? use the "F" formula in this cell 2. Compute the Direct Labor Rate, Time, and total variances. Product A Product B Total enter data in blue cells Direct Labor Price Variance: Actual Rate Standard Rate Variance x Actual Hours DL Rate Variance Favorable or Unfavorable? enter formulas in yellow cells use the "F" formula in these cells enter data in blue cells Time Variance: Actual Time Standard Time Variance x Standard Rate DL Time Variance Favorable or Unfavorable? enter formulas in yellow cells use the "F" formula in these cells Total Direct Labor Variance Favorable or Unfavorable? use the "F" formula in this cellStep by Step Solution
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