Number of ACC 3365 - Excel (Fall 2020 Student Name DUE DA De ale The dar on ding Excel bol Actual Templates Direct Materials Actual Input Quantity *Budgeted (Std) Price Purchases Flexible Budget (Applied Usage Example: $ 661,254 numbe Price Variance Efficiency Variance NOTE: There is NO 701"variance because Price & Emiciency Variances are measured at different times Direct Labor Actual Actual Input Quantity Flexible Cost x Budgeted (Std Rate Budget (Applied WEng to Tom [1st Initial Line (above Price Variance Efficiency Variance Flexible Budget (TOTAL) Variance Variable Manufacturing Overhead Actual Actual Input Quantity Cost Incurred x x Budgeted (Std) Rate 22.00 Flexible Budget (Applied) Alocated PROBLEM: Mascot Merg. makes awnings for athletic team tailgating and uses a standard costing system. The company recognizes (isolates) materials price variances at the time the materials are purchased They allocate (apply) OH based on # of DL hours. Following are this year's cost and standards data; assumes 52 weeks per year Standards for a planned level of production of 2,200 units per month) Direct Materials Yards per awning Price per yard $ 13.00 Direct Labor Hours per awning 5.00 Rate per hour $ 15.00 Variable MOH standard rate per direct labor hour $ 8.00 Fixed MOH standard rate per direct labor hour $ 6.00 Total budgeted fixed MOH cost $ 63.500 Actual cost and data from the current month: 51.250 Cost of yards purchased $ 661254 S 12.90 per yd Number of yards used 47.500 Number of senings produced 2200 Actual direct labor hours 10.850 Actual direct labor cost $ 168,175 S 15.50 per hr Actual variable MOH $ 93,310 Actual fixed MOH $ 57.500 Spending Variance Eficiency Varience Flexible Budget (TOTAL) Variance Fixed Manufacturing Overhead Actual Cost Incurred Flexible Budget (Same as Static) Static FOH Budget Allocated Spending Variance Production Volume Variance TOTAL Fixed OH Variance these variances using the templates to the right. 1. Direct material variances 2. Direct labor variances 3. Variable MOH variances 4. Fixed MOH variances Requirement #2 Write a one page letter summarizing: What the variances mean, and 2. What conclusion do you draw from the variances? Instructions in the Assignment on TRACS 1 Number of ACC 3365 - Excel (Fall 2020 Student Name DUE DA De ale The dar on ding Excel bol Actual Templates Direct Materials Actual Input Quantity *Budgeted (Std) Price Purchases Flexible Budget (Applied Usage Example: $ 661,254 numbe Price Variance Efficiency Variance NOTE: There is NO 701"variance because Price & Emiciency Variances are measured at different times Direct Labor Actual Actual Input Quantity Flexible Cost x Budgeted (Std Rate Budget (Applied WEng to Tom [1st Initial Line (above Price Variance Efficiency Variance Flexible Budget (TOTAL) Variance Variable Manufacturing Overhead Actual Actual Input Quantity Cost Incurred x x Budgeted (Std) Rate 22.00 Flexible Budget (Applied) Alocated PROBLEM: Mascot Merg. makes awnings for athletic team tailgating and uses a standard costing system. The company recognizes (isolates) materials price variances at the time the materials are purchased They allocate (apply) OH based on # of DL hours. Following are this year's cost and standards data; assumes 52 weeks per year Standards for a planned level of production of 2,200 units per month) Direct Materials Yards per awning Price per yard $ 13.00 Direct Labor Hours per awning 5.00 Rate per hour $ 15.00 Variable MOH standard rate per direct labor hour $ 8.00 Fixed MOH standard rate per direct labor hour $ 6.00 Total budgeted fixed MOH cost $ 63.500 Actual cost and data from the current month: 51.250 Cost of yards purchased $ 661254 S 12.90 per yd Number of yards used 47.500 Number of senings produced 2200 Actual direct labor hours 10.850 Actual direct labor cost $ 168,175 S 15.50 per hr Actual variable MOH $ 93,310 Actual fixed MOH $ 57.500 Spending Variance Eficiency Varience Flexible Budget (TOTAL) Variance Fixed Manufacturing Overhead Actual Cost Incurred Flexible Budget (Same as Static) Static FOH Budget Allocated Spending Variance Production Volume Variance TOTAL Fixed OH Variance these variances using the templates to the right. 1. Direct material variances 2. Direct labor variances 3. Variable MOH variances 4. Fixed MOH variances Requirement #2 Write a one page letter summarizing: What the variances mean, and 2. What conclusion do you draw from the variances? Instructions in the Assignment on TRACS 1
