Patterson, Inc. has provided details of its actual cost data for the month. The Controller has asked you to compute the bask variances and the Impact of those variances on unit costs. Use the information included in the Excel Simulation and the Excel functions described below to complete the task Cell Reference: Allows you to refer to data from another cell in the worksheet. From the Excel Simulation below, if in a blank cel. De was entered, the formula would output the result from cell D4, or 275 In this example. Basic Math functions: Allows you to use the basic math symbols to perform mathematical functions. You can use the following keys sign to add). - (minus sign to subtract). (asterisk sign to multiply). and/(forward slash to divide). From the Excel Simulation below.trina plus blank cell "=F4+G5" was entered the formula would add the values from those cells and output the result, or 14.70 in this example. It using the other math symbols the result would output an appropriate answer for its function SUM function: Allows you to refer to multiple cells and adds all the values. You can add individual cell references or ranges to utilize this function. From the Excel Simulation below, if in a blank cell -SUMD4, D5) was entered, the formula would output the result of adding those two separate cells, or 5.45 in this example. Similarly, if in a blank cell" SUMD4:05) was entered the formula would output the same result of adding those cells, except they are expressed as a range in the formula, and the result would be 5.45 in this example ABS function: Allows you to return the absolute value of a number or calculation. You can reference any cell to display its absolute value of surround another formula with the ABS function, to return the final result as an absolute value From the Excel Simulation below, if in a blank cell you entered ABS(F7-68)" Excel will first calculate the subtraction of F7-G8 that results in-020 Then, the ABS portion of the formula returns the absolute value of the subtraction result, which would be 0.20 in this example, IF function: Allows you to test a condition and return a specific value is the result is true and different value if the result is false. The syntax of the IF function is "IF(tesl condition value_ true,value. Craise and specific considerations need to be made when using this function The tesl.condition argument is an evaluation of the status of a cell, such as if the value of a cell is greater than, less than or equal to another number or cell. The value_l_true and value false arguments will return any specific result for each option, such as another cell reference, a value, or text. Throughout the entire equation, if text is being used in the test.condition, value_true, or value _lase arguments then the text itself should be entered in quotations so that Excel will recognize the text as a "string of text' instead of another function. From the Excel Simulation below, if in a blank cell "IF(F13>20. "Total Cost Per Unit is good",Total Cost Per Unit is bad") was entered the formula would output the result of the value_ true since the tesl.condition would be result as true, or in this case the text "Total Cost Per Unit is good". Excel processes the IF function by separating it out into separate parts. First the test_condition - Excel thinks, find cell F13 and determine if the value is greater than 20. Once Excel determines if the result of that tes condition is TRUE or FALSE, it will return the value _true or value_it_false. X - 6 Sign In FILE INSERT - HOME Calori B I Basic Variance Analysis and the impact of Variances on Unit Costs - Excel 7 PAGE LAYOUT FORMULAS DATA REVIEW VIEW : A = % EU DEM . . Alignment Number Conditional Formats Cell Cells diting Formatting Table Styles - Slyes e- Paste U . Fort Coboard cel Assignment Saved XUS. . FILE HOME ? X Basic Variance Analysis and the Impact of Variances on Unit Costs - Excel PAGE LAYOUT FORMULAS DATA REVIEW VIEW INSERT - Sign In X6 Calibri 1 A A. Alignment Number Conditional Format as Cell Formatting Table Styles Paste B IU - - Cells Editing Clipboard Font Styles J12 X fx 1 Standards for one of Patterson, Inc.'s products is shown below, along with actual cost data for $2.75 per yard $2.70 per yard 3 Direct materials: 4 Standard 2.4 yards e 5 Actual 3 yardse 6 Direct labor 7 Standard 0.6 hours e Actual 0.5 hours e 9 Variable overhead: 10 Standard 0.6 hours 11 Actual 0.5 hours e $18.00 per hour $22.00 per hour $7,00 per hour $7.10 per hour 13 Total cost per unit 15 Excess of actual cost over standard cost per unit 17 Actual production for the month 13,500 units 18 Variable overhead is assigned to products based on direct labor hours. There 10 was no beginning or ending inventory of materials for the month 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 747. Use cell references (formulas) for cells D53-60. Enter an For U to indicate the correct variance in cells F54 to F62 25 Standard Cost Variance Analysis - Direct Moterials 26 Standard Quantity Allowed for Actual Output at Standard Price 27 Actual Quantity of Inout, at Standard Price 28 Actual Quantity of input, at Actual Price 10350 Sheeti ... READY Attempts) HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Calibri 11 AA 3 % F V D Paste B I U. . A Alignment Number Cells Editing Conditional Format as Cell Formatting Table - Styles Styles Clipboard Font J12 x fox 25 Standard Cost Variance Analysis - Direct Materials Standard Quantity Allowed for Actual Output at Standard Price Actual Quantity of Input, at Standard Price 28 Actual Quantity of Input, at Actual Price 89,100 111,375 109,350 Materials quantity variance Materials price variance 22,275 v 2,025 F $ 33 Standard Cost Variance Analysis - Direct Labor 34 Standard Hours Allowed for Actual Output at Standard Rate Actual Hours of Input, at Standard Rate 36 Actual Hours of Input, at Actual Rate 145,800 121,500 148,500 Labor efficiency variance Labor rate variance 24,300 F 27,000 U 41 Standard Cost Variance Analysis - Variable Manufacturing Overhead 42 Standard Hours Allowed for Actual Output at Standard Rate 43 Actual Hours of Input, at Standard Rate 44 Actual Hours of Input, at Actual Rate 56,700 47,250 47,925 Variable overhead efficiency variance Variable overhead rate variance 9,450 F 675 U 49 Using formulas, compute the amount of the unit cost difference so that is traceable to each of the variances computed above. 52 Materials: 53 Quantity variance ... Sheet1 ... + READY ! -+ Attempt(s) Paste B I U - EN A Cells DE Alignment Number Conditional Format as Cell Formatting Table Styles Styles Clipboard Font C53 X Labor efficiency variance Labor rate variance 24,300 F 27,000 V 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 56,700 47,250 47,925 Variable overhead efficiency variance Variable overhead rate variance 9,450 F 675 U 49 Using formulas, compute the amount of the unit cost difference so that is traceable to each of the variances computed above. 52 Materials: 53 Quantity variance 54 Price variance 55 Labor: 56 Efficiency variance 57 Rate variance 58 Variable overhead: Efficiency variance Rate variance Excess of actual over standard cost per unit