Chapter 10: Applying Excel Data Exhibit 10-1: Standard Cost Card Inputs Direct materials Direct labor Variable manufacturing overhead Standard Quantity 3.0 pounds 0.50 hours 0.50 hours Standard Price $4.00 per pound $22.00 per hour $6.00 per hour Actual results Actual output Actual variable manufacturing overhead cost 2,000 units $7,140 Actual Quantity 6,500 pounds 1,050 hours Actual direct materials cost Actual direct labor cost Actual price $3.80 per pound $21.60 per hour Enter a formula into each of the cells marked with a ? Below, in yellow cells answer U or F if your result is unfavorable or favorable. Main Example: Chapter 10 2 ? pounds x ? pounds ? pounds ? per pound = ? per pound ? per pound = ? Exhibit 10-4: Standard Cost Variance Analysis-Direct Materials Actual Quantity of Input, at Actual Price Actual Quantity of Input, at Standard Price Standard Quantity Allowed for the Actual Output, at Standard Price Direct materials variances: Materials price variance Materials quantity variance Materials spending variance ? ? ? ? 2 ? hours x ? hours x ? hours x ? per hour = ? per hour = ? per hour = ? 2 Exhibit 10-6: Standard Cost Variance Analysis-Direct Labor Actual Hours of Input, at Actual Rate Actual Hours of Input, at Standard Rate Standard Hours Allowed for the Actual Output, at Standard Rate Direct labor variances Labor rate variance Labor efficiency variance Labor spending variance ? ? ? ? hours x ? hours x ? hours x ? per hour = ? per hour = ? per hour = 2 ? Exhibit 10-8: Standard Cost Variance Analysis-Variable Manufacturing Overhead Actual Hours of Input, at Actual Rate Actual Hours of Input, at Standard Rate Standard Hours Allowed for the Actual Output, at Standard Rate Variable overhead variances: Variable overhead rate variance Variable overhead efficiency variance Variable overhead spending variance ? ? for cells that are color coded in this shade, start your formulas with +abs(cell range) to get your