Download the Applying Excel form and enter formulas in all cells that contain question marks For example, in cell D21 enter the formula D6 Notes In the text, variances are always displayed as positive numbers To accomplish this, you can use the ABS() function in Excel For example, the formula in cell B25 would be ABS(F21F22) 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 cellsif 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 Chapter 10 Applying Excel Data Exhibit 10 1 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 Main Example Chapter 10 Exhibit 10 4 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 Exhibit 10 6 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 Exhibit 10 8 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 hours per hour Variable overhead variances Variable overhead efficiency variance Variable overhead rate variance Variable overhead spending variance

Question

Download the Applying Excel form and enter formulas in all cells that contain question marks  For example, in cell D21 enter the formula   D6  Notes  In the text, variances are always displayed as positive numbers  To accomplish this, you can use the ABS() function in Excel  For example, the formula in cell B25 would be  ABS(F21F22)  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 cellsif 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  Chapter 10  Applying Excel Data Exhibit 10 1  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 Main Example  Chapter 10 Exhibit 10 4  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   Exhibit 10 6  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   Exhibit 10 8  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   hours   per hour     Variable overhead variances  Variable overhead efficiency variance   Variable overhead rate variance   Variable overhead spending variance

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Download the Applying Excel form and enter formulas in all cells that contain question marks. For example, in cell D21 enter the formula = D6.

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	In the text, variances are always displayed as positive numbers. To accomplish this, you can use the ABS() function in Excel. For example, the formula in cell B25 would be =ABS(F21F22).
	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 cellsif you do, you will overwrite these formulas.

Chapter 10: Applying Excel

Data
Exhibit 10-1: 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
Main Example: Chapter 10

Exhibit 10-4: 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	?

Exhibit 10-6: 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	?

Exhibit 10-8: 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	?	hours	?	per hour =	?
Variable overhead variances:
Variable overhead efficiency variance	?
Variable overhead rate variance	?
Variable overhead spending variance	?