Data Exhibit 10-1: Standard Cost Card Inputs Standard Quantity Direct materials Direct labor Variable manufacturing overhead 2.9 pounds 0.60 hours 0.60 hours Standard Price $4.00 per pound $22.00 per hour $6.00 per hour Actual results Actual output 2,000 units $7,140 Actual Quantity Actual variable manufacturing overhead cost Actual price $3.80 per pound $21.60 per hour Actual direct materials cost 6,500 pounds 1,050 hours Actual direct labor cost Enter a formula into each of the cells marked with a? below Main Example: Chapter 10 Exhibit 10-4: Standard Cost Variance Analysis-Direct Materials Standard Quantity Allowed for the Actual Output, at Standard Price Actual Quantity of Input, at Standard Price Actual Quantity of Input, at Actual Price Direct materials variances ? pounds ? pounds x ? pounds x $4.00 per pound = ? per pound ? per pound- Materials quantity variance Materials price variance Materials spending variance Exhibit 10-6: Standard Cost Variance Analysis-Direct Labor Standard Hours Allowed for the Actual Output, at Standard Rate Actual Hours of Input, at Standard Rate Actual Hours of Input, at Actual Rate Direct labor variances ? hours hours x hoursx ? per hour - ? per hour- ? per hour - Labor efficiency variance Labor rate variance Labor spending variance Exhibit 10-8: Standard Cost Variance Analysis-Variable Manufacturing Overhead Standard Hours Allowed for the Actual Output, at Standard Rate Actual Hours of Input, at Standard Rate Actual Hours of Input, at Actual Rate Variable overhead variances hoursx ? hours x ? hours x ?per hour ? per hour- ?per hour Variable overhead efficiency variance Variable overhead rate variance Variable overhead spending variance For example, in cell D21 enter the formula -D6" Notes: In the text, variances are always displayed as positive numbers. To h this, you can use the ABSO function in Excel. For example, the formula in cell B25 would be "-ABS(F21-F22)". 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 cells-if 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 quantity 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