Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

* DO NOT ANSWER THIS QUESTION UNLESS YOU INCLUDE EXCEL FORMULAS * Calculating Materials Price and Quantity Variances when Materials Purchased Does Not Equal Materials

*DO NOT ANSWER THIS QUESTION UNLESS YOU INCLUDE EXCEL FORMULAS* Calculating Materials Price and Quantity Variances when Materials Purchased Does Not Equal Materials Used
Masik, Incorporated is analyzing its most current direct materials results against the budget.
Here is the standard cost information:
Standard Cost per Direct Material Standard Quantity per Unit Standard Cost per Unit
Direct Materials $ 9.502 $ 19.00
Actual cost information is below:
Units Produced 4,000
Materials Purchased 8,500
Material Used 7,800
Cost of Direct Materials $ 85,000
Required:
Fill in the cells below with required data for variance calculations and favorability. PROVIDE ALL EXCEL FORMULAS IN YOUR ANSWER.
Hint: Use the ABS() function to calculate amounts and use an IF() condition to determine the favorability of the variances.
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Frank Woods Business Accounting Volume 1

Authors: Frank Wood, Alan Sangster

10th Edition

9780273681496

More Books

Students also viewed these Accounting questions