Chapter 9: Applying Excel Data Exhibit 9-9: Standard Cost Card Direct materials Direct labor Inputs Standard Quantity 3.0 pounds 0.50 hours 0.50 hours Variable manufacturing overhead Actual results: Actual output Actual variable manufacturing overhead cost Actual direct materials cost Actual direct labor cost Enter a formula into each of the cells marked with a ? below Main Example: Chapter 9 Exhibit 9-12: Standard Cost Variance Analysis-Direct Materials Actual Quantity of Input, at Actual Price Standard Price $4.00 per pound $22.00 per hour $6.00 per hour 2,000 units $7,140 Actual Quantity 6,500 pounds 1,050 hours Actual price $3.80 per pound $21.60 per hour 6,500 pounds x $3.80 per pound = $24,700 Actual Quantity of Input, at Standard Price 6,500 pounds x $4.00 per pound = $26,000 Standard Quantity Allowed for the Actual Output, at Standard Price 6,000 pounds x $4.00 per pound = $24,000.00 Direct materials variances: Materials price variance $1,300 F Materials quantity variance $2,000 U $700 U Materials spending variance Exhibit 9-13: Standard Cost Variance Analysis-Direct Labor Actual Hours of Input, at Actual Rate 1,050 hours x $21.60 per hour = $22,680 Actual Hours of Input, at Standard Rate 1,050 hours x $22.00 per hour = $23,100 Standard Hours Allowed for the Actual Output, at Standard Rate 1,000 hours x $22.00 per hour = $22,000 Direct labor variances: Labor rate variance $420 F Labor efficiency variance $1,100 U Labor spending variance $680 U Exhibit 9-14: Standard Cost Variance Analysis-Variable Manufacturing Overhead Actual Hours of Input, at Actual Rate 1,050 hours x $7 per hour = $7,140 Actual Hours of Input, at Standard Rate 1,050 hours x $6.00 per hour = $6,300 Standard Hours Allowed for the Actual Output, at Standard Rate 1,000 hours x $6.00 per hour = $6,000 Variable overhead variances: Variable overhead rate variance $840 U Variable overhead efficiency variance Variable overhead spending variance $300 U $1,140 U