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1. Compute the direct material, direct labor and variable overhead variances. ? 6 X Basic variance analysis for direct materials, direct labor and variable overhead - Excel INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW FILE HOME Sign In X ED Calibri % 11 ' ' E.S.A Paste BIU- Alignment Number Cells Editing Conditional Format as Cell Formatting Table Styles Styles Clipboard Font Al X fix The standard cost card for a single unit of Robinson, Inc.'s products is shown A B D E F 1 The standard cost card for a single unit of Robinson, Inc.'s products is shown below. 2 Standard Standard Standard 3 Quantity Price/Rate Unit Cost 4 Direct materials: 2.5 yards @ $8.00 per yard $20.00 5 Direct labor: 0.5 hours $18.00 per hour 9.00 6 Variable overhead (based on labor hours): 0.5 hours $10.00 per hour 5.00 7 8 Budgeted production for the month 14.000 units 9 Actual production for the month 13,500 units 10 11 Actual Costs Incurred to Produce 13,500 units: Total Actual Cost 12 Direct Materials Purchased and Used 35,100 yards @ $7.00 per yard $245,700 13 Direct Labor Paid 7.425 hours $17.50 per hour $129,938 14 Variable Overhead Incurred 7,425 hours @ $12.00 per hour $89,100 15 Complete the following table comparing actual costs to the flexible budget and master budget. Use formulas for 16 the spending and volume variances so that variance will appear as a negative number if unfavorable and a positive number is favorable. 17 A1 The standard cost card for a single unit of Robinson, Inc.'s products is shown y B D E F Master Budget 17 Spending Flexible Volume 18 Actual Costs Variances Budget Variances 19 Direct materials: $245,700 20 Direct labor: $129.938 21 Variable overhead: $89,100 22 23 24 Using the formulas provided, compute the following variances. 25 Write if statements to enter an For U to indicate whether the variance is favorable or unfavorable. 26 27 Direct materials: Variance For U 28 Price Variance - AQ* (SP-AP) 29 Quantity Variance = SP. (SQ-AQ) 30 Total Spending Variance 31 Direct Labor 32 Rate Variance =AH (SR - AR) 33 Efficiency Variance = SR (SH - AH) 34 Total Spending Variance 35 Variable Overhead 36 Rate Variance = AH (SR - AR) 37 Efficiency Variance = SR - (SH - AH) 38 Total Spending Variance 39 Sheet1 - 4 100% READY Attempt(s) Hint