Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hello I am trying to calculate the Materials quantity and price variances above please. Thank you! Standards for one of Patterson, Incorporated's products is shown

image text in transcribedimage text in transcribedimage text in transcribed

Hello I am trying to calculate the Materials quantity and price variances above please. Thank you!

Standards for one of Patterson, Incorporated's products is shown below, along with actual cost data for the month: Variable overhead is assigned to products based on direct labor hours. There was no beginning or ending inventory of materials for the month. Required: Using formulas, compute the following. Input all numbers as positive amounts. (Hint: This can be done using the ABS function). (Use cells A5 to G14 and cell B16 from the given information, as well as cells A27 to D62 to complete this question. All formulas must return positive values. For each variance, select either "Favorable" or "Unfavorable".) Using formulas, compute the amount of the unit cost difference that is traceable to each of the variances computed above. (Use cells A5 to G14 and cell B16 from the given information, as well as cells A27 to D62 to complete this question. All formulas must return positive values. For each variance, select either "Favorable" or "Unfavorable".) Standard Cost Variance Analysis - Direct Materials Standard Quantity Allowed for Actual Output at Standard Price Actual Quantity of Input, at Standard Price Actual Quantity of Input, at Actual Price \begin{tabular}{|r|} \hline$89,100 \\ \hline$111,375 \\ \hline$109,350 \\ \hline \end{tabular} Materials quantity variance Materials price variance \begin{tabular}{|l|l|} \hline & \\ \hline$2,025 & Favorable \\ \hline \end{tabular} Standard Cost Variance Analysis - Direct Labor Standard Hours Allowed for Actual Output at Standard Rate Actual Hours of Input, at Standard Rate Actual Hours of Input, at Actual Rate \begin{tabular}{|l|} \hline$145,800 \\ \hline$121,500 \\ \hline$148,500 \\ \hline \end{tabular} Labor efficiency variance Labor rate variance \begin{tabular}{|l|l|} \hline$24,300 & Favorable \\ \hline$27,000 & Unfavorable \\ \hline \end{tabular} Standard Cost 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 \begin{tabular}{|l|} \hline$56,700 \\ \hline$47,250 \\ \hline$47,925 \\ \hline \end{tabular} Variable overhead efficiency variance Variable overhead rate variance $9,450 Favorable $675 Unfavorable

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

Students also viewed these Accounting questions