Chapter 09: Applying Excel: Excel Worksheet (Part 1 of 2)

Download the Applying Excel form and enter formulas in all cells that contain question marks.

For example, in cell D21 enter the formula = D6.

Notes:

In the text, variances are always displayed as positive numbers. To accomplish this, you can use the ABS() function in Excel. For example, the formula in cell B25 would be =ABS(F21F22).

• Cells C25 through C27, C34 through C36, and C43 through C45 already contain formulas to compute and display whether variances are Favorable or Unfavorable. Do not enter data or formulas into those cellsif you do, you will overwrite these formulas.
• After entering formulas in all of the cells that contained question marks, verify that the amounts match the numbers in the example in the text.

Check your worksheet by changing the direct materials standard quantity in cell B6 to 2.9 pounds, the direct labor standard quantity in cell B7 to 0.6 hours, and the variable manufacturing overhead in cell B8 to 0.6 hours. The materials spending variance should now be $1,500 U, the labor spending variance should now be $3,720 F, and the variable overhead spending variance should now be $60 F. If you do not get these answers, find the errors in your worksheet and correct them.

Save your completed Applying Excel form to your computer and then upload it here by clicking Browse. Next, click Save. You will use this worksheet to answer the questions in Part 2.

Standard Price $4.00 per pound $22.00 per hour $6.00 per hour Actual price $3.80 per pound $21.60 per hour ? per pound = ? per pound = ? per pound = C 1 Chapter 9: Applying Excel 2 3 Data 4 Exhibit 9-8: Standard Cost Card 5 Inputs Standard Quantity 6 Direct materials 3.0 pounds 7 Direct labor 0.50 hours 8 Variable manufacturing overhead 0.50 hours 9 10 Actual results: 11 Actual output 2,000 units 12 Actual variable manufacturing overhead cost $7,140 13 Actual Quantity 14 Actual direct materials cost 6,500 pounds 15 Actual direct labor cost 1,050 hours 16 17 Enter a formula into each of the cells marked with a ? below 18 Main Example: Chapter 9 19 20 Exhibit 9-11: Standard Cost Variance Analysis-Direct Materials 21 Actual Quantity of Input, at Actual Price ? pounds x 22 Actual Quantity of Input, at Standard Price ? pounds 23 Standard Quantity Allowed for the Actual Output, at Standard Price ? pounds x 24 Direct materials variances: 25 Materials price variance 26 Materials quantity variance 27 Materials spending variance 28 29 Exhibit 9-12: Standard Cost Variance Analysis - Direct Labor 30 Actual Hours of Input, at Actual Rate ? hours x 31 Actual Hours of Input, at Standard Rate ? hours x 32 Standard Hours Allowed for the Actual Output, at Standard Rate ? hours x 33 Direct labor variances: 34 Labor rate variance 35 Labor efficiency variance 36 Labor spending variance 37 38 Exhibit 9-13: Standard Cost Variance Analysis-Variable Manufacturing Overhead 39 Actual Hours of Input, at Actual Rate ? hours x 40 Actual Hours of Input, at Standard Rate ? hours x 41 Standard Hours Allowed for the Actual Output, at Standard Rate ? hours x 42 Variable overhead variances: 43 Variable overhead rate variance 44 Variable overhead efficiency variance 45 Variable overhead spending variance 46 47 48 ? per hour = ? per hour = ? per hour = ? per hour = ? per hour = ? per hour = 49 50 Chapter 9 Form Standard Price $4.00 per pound $22.00 per hour $6.00 per hour Actual price $3.80 per pound $21.60 per hour ? per pound = ? per pound = ? per pound = C 1 Chapter 9: Applying Excel 2 3 Data 4 Exhibit 9-8: Standard Cost Card 5 Inputs Standard Quantity 6 Direct materials 3.0 pounds 7 Direct labor 0.50 hours 8 Variable manufacturing overhead 0.50 hours 9 10 Actual results: 11 Actual output 2,000 units 12 Actual variable manufacturing overhead cost $7,140 13 Actual Quantity 14 Actual direct materials cost 6,500 pounds 15 Actual direct labor cost 1,050 hours 16 17 Enter a formula into each of the cells marked with a ? below 18 Main Example: Chapter 9 19 20 Exhibit 9-11: Standard Cost Variance Analysis-Direct Materials 21 Actual Quantity of Input, at Actual Price ? pounds x 22 Actual Quantity of Input, at Standard Price ? pounds 23 Standard Quantity Allowed for the Actual Output, at Standard Price ? pounds x 24 Direct materials variances: 25 Materials price variance 26 Materials quantity variance 27 Materials spending variance 28 29 Exhibit 9-12: Standard Cost Variance Analysis - Direct Labor 30 Actual Hours of Input, at Actual Rate ? hours x 31 Actual Hours of Input, at Standard Rate ? hours x 32 Standard Hours Allowed for the Actual Output, at Standard Rate ? hours x 33 Direct labor variances: 34 Labor rate variance 35 Labor efficiency variance 36 Labor spending variance 37 38 Exhibit 9-13: Standard Cost Variance Analysis-Variable Manufacturing Overhead 39 Actual Hours of Input, at Actual Rate ? hours x 40 Actual Hours of Input, at Standard Rate ? hours x 41 Standard Hours Allowed for the Actual Output, at Standard Rate ? hours x 42 Variable overhead variances: 43 Variable overhead rate variance 44 Variable overhead efficiency variance 45 Variable overhead spending variance 46 47 48 ? per hour = ? per hour = ? per hour = ? per hour = ? per hour = ? per hour = 49 50 Chapter 9 Form