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Data: Standard Cost Card Inputs Standard Quantity Standard Price Direct materials 3.0 pounds $4.00 per pound Direct labor 0.50 hours $22.00 per hour Variable manufacturing
Data: Standard Cost Card | ||||||
Inputs | Standard Quantity | Standard Price | ||||
Direct materials | 3.0 | pounds | $4.00 | per pound | ||
Direct labor | 0.50 | hours | $22.00 | per hour | ||
Variable manufacturing overhead | 0.50 | hours | $6.00 | per hour | ||
Actual results: | ||||||
Actual output | 2,000 | units | ||||
Actual variable manufacturing overhead cost | $7,140 | |||||
Actual Quantity | Actual price | |||||
Actual direct materials cost | 6,500 | pounds | $3.80 | per pound | ||
Actual direct labor cost | 1,050 | hours | $21.60 | per hour | ||
Enter a formula into each of the cells marked with a ? Below. The variances should be positive numbers so use =ABS() in | ||||||
your formula. For example, the formula for cell B23 should be =ABS(F19-F20) | ||||||
Don't change the green cells. Those formulas are 'good.' | ||||||
Standard Cost Variance AnalysisDirect Materials | ||||||
Standard Quantity Allowed for the Actual Output, at Standard Price | ? | pounds | ? | per pound = | ? | |
Actual Quantity of Input, at Standard Price | ? | pounds | ? | per pound = | ? | |
Actual Quantity of Input, at Actual Price | ? | pounds | ? | per pound = | ? | |
Direct materials variances: | ||||||
Materials quantity variance | ? | |||||
Materials price variance | ? | |||||
Materials spending variance | ? | |||||
Standard Cost Variance AnalysisDirect Labor | ||||||
Standard Hours Allowed for the Actual Output, at Standard Rate | ? | hours | ? | per hour = | ? | |
Actual Hours of Input, at Standard Rate | ? | hours | ? | per hour = | ? | |
Actual Hours of Input, at Actual Rate | ? | hours | ? | per hour = | ? | |
Direct labor variances: | ||||||
Labor efficiency variance | ? | |||||
Labor rate variance | ? | |||||
Labor spending variance | ? | |||||
Standard Cost Variance AnalysisVariable Manufacturing Overhead | ||||||
Standard Hours Allowed for the Actual Output, at Standard Rate | ? | hours | ? | per hour = | ? | |
Actual Hours of Input, at Standard Rate | ? | hours | ? | per hour = | ? | |
Actual Hours of Input, at Actual Rate | 1,050 | hours | $6.80 | per hour = | $7,140 | |
Variable overhead variances: | ||||||
Variable overhead efficiency variance | ? | |||||
Variable overhead rate variance | ? | F | ||||
Variable overhead spending variance | ? | F | ||||
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