Excel SIM: Basic Variance Analysis and the impact of Variances on Unit Costs 1. Compute the direct materials price and quantity variances and explain their significance 2. Compute the direct labor rate and efficiency variances and explain their significance. 3. Compute the variable manufacturing overhead rate and efficiency varlances and explain their significance, XI 6. E Basic Variance Analysis and the impact of Varia... ? - HOME FILE INSERT PAGE LAYOUT FORMULAS DATA VIEW Sign REVIEW X M DO 96 A Cells Editing Font Alignment Number Paste Conditional Format as Formatting. Table Cell Styles - Styles Clipboard 116 fo v H G $1.05 B D E F 15 Excess of actual cost over standard cost per unit 16 17 Actual production for the month 13,500 units 18 Variable overhead is assigned to products based on direct labor hours. There 19 was no beginning or ending inventory of materials for the month. TO Clipboard Styles H13 G H B D E 1 Standards for one of Patterson, Inc.'s products is shown below, along with actual cost data for the month: 2 3 Direct materials: 4 Standard 2.4 yards @ $2.75 per yard $6.60 5 Actual 3 yards @ $2.70 per yard S8.10 6 Direct labor: 7 Standard 0.6 hours @ $18.00 per hour 10.80 8 Actual 0.5 hours @ $22.00 per hour 11.00 9 Variable overhead: 10 Standard 0.6 hours @ $7.00 per hour 4.20 11 Actual 0.5 hours @ $7.10 per hour 3.55 12 $21.60 $22.65 13 Total cost per unit 14 $1.05 15 Excess of actual cost over standard cost per unit 16 13,500 units 17 Actual production for the month him aliorhrad is assigned to products based on direct labor hours. There month H 2265 16 13 Total cost per unit 14 $21.60 15 Excess of actual cost over standard cost per unit $1.05 17 Actual production for the month 13,500 units 18 Variable overhead is assigned to products based on direct labor hours. There 19 was no beginning or ending inventory of materials for the month 20 21 Using formulas, compute the following. Input all numbers as positive amounts. Indicate whether the variances are For U. Write if statements for variance cells F30 to F47. Use 22 cell references (formulas) for cells D53 - D60. Enter an For U to indicate the correct variance in cells F54 to F62. 23 24 25 Standard Cost Variance Analysis - Direct Materials 26 Standard Quantity Allowed for Actual Output at Standard Price 27 Actual Quantity of Input, at Standard Price 28 Actual Quantity of Input, at Actual Price 29 30 Materials quantity variance Materials price variance Het Sve & ER Suoma Ch14815 Problem 1 - points D 26 Standard wity Allowed for Actus at Standard Price 27 Actual Quantity of Input, at Standard Price Actuality of input, at Actual Price 29 30 Materials quantity variance 31 Materials price variance 32 13 Standard Case Variance Analysis. Direct Labor 4 Sundard Hours Allowed for Actual Output at Standard Rate Actual Hours of Input, at Standard Rate 36 Actual Hours of Input, at Actual Rate 37 Labor efficiency variance 39 Laborrate variance 40 41 Standard Cast Variance Analysis - Variable Manufacturing Overhead Standard Hours Allowed for Actual Output at Standard Rate Actual Hours of Input, at Standard Rate Actual Hours of Input, at Actual Rate 45 46 Variable overhead efficiency variance Sheet 100% Problem Savad Help Save & Exit Submit 42 Standard Hours Allowed for Actual Output at Standard Rate 43 Actual Hours of Input, at Standard Rate Actual Hours of Input, at Actual Rate Variable overhead efficiency variance Variable overhead rate variance 49 Using formulas, compute the amount of the unit cost difference 50 that is traceable to each of the variances computed above. S1 52 Materials: 53 Quantity variance 54 Price variance 55 Labor. 56 Efficiency variance 57 Rate variance 58 Variable overhead: 59 Efficiency variance 60 Rate variance 61 Sheet1 + + 100% READY Attempt(s) - Problemi Help SERIL Suo 47 Vanable overhead rate variance 48 49 Using formulas, compute the amount of the unit cost difference so that is traceable to each of the variances computed above. 51 52 Materials: 53 Quantity variance 54 Price variance 55 Labor: 56 Efficiency variance 57 Rate variance 58 Variable overhead: 59 Efficiency variance 60 Rate riance 61 62 Excess of actual over standard cost per unit 63 64 65 66 100% Sheet1 4 E Show Me READY