! Required information Chapter 09: Applying Excel: Excel Worksheet (Part 1 of 2) Step 1 Download the Applying Excel form located on the left-hand side, under files, you have trouble, the file is also located in D2L under Course Files and Resources Step 2: Then enter formules in all cells that contain question marks. For example, in cell 021 enter the formula 14". Pay attention to the following instructions In the text, variances are always displayed as positive numbers. To accomplish this, you can use the ABSO function in Excel. For example, the formula in cell 825 would be *ABS(F21-F22) Cells C25 through C27,C34 through C36, and C43 through C45 already contain formules to compute and display whether variances are Favorable or Unfavorable. Do not enter data or formulas into those cells-If you do, you will overwrite these formulas After entering formulas in all of the cells that contained question marks, verify that the amounts match the numbers in the example in the text Step 3: Check your worksheet by changing the direct materials standard quantity in cell 86 to 2.9 pounds, the direct labor standard quantity in cell 07 10 0.6 hours, and the variable manufacturing overhead in cell B8 to 06 hours. The materials spending variance should now be S1500 , the labor spending variance should now be $3,720 F, and the variable overhead spending variance should now be $60 F. If you do not get these answers, find the errors in your worksheet and correct them Step 4: Proceed to the requirements below only after completing your worksheet as it will be used to answer the following questions. Requirement 2: Revise the data in your worksheet to reflect the results for the subsequent perlod as shown below: B D E 1 Chapter 08: Applying Excel 2 3 Data 4 Exhibit -9: Standard Cost Card 5 Inputs 6 Direct materials 7 Direct labor Variable manufacturing overhead B 9 Adual results 10 Actual output 11 Actual variable manufacturing overhead cost 12 13 Actual direct materials cost 14 Actual direct labor cost 15 Standard Quantity 3.0 pounds 0.50 hours 0.50 hours S $ $ Standard Price 4,00 per pound 22.00 per hour 6.00 per hour 2.200 units $ 6,041.00 Actual Quantity 6,470 pounds 1,145 hours 5 $ Actual price 3.70 per pound 22.50 per hour a-1. What is the materials quantity variance? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance)). Answer is complete but not entirely correct. The amount of the materials quantity variance $ 2,000) a-2. What is the materials price variance? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance)). Answer is complete but not entirely correct. The amount of the materials price variances 1.300 X 6-1. What is the labor efficiency variance? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance)). Answer is complete but not entirely correct. The amount of the labor eficiency variance $ (1100) U b-2. What is the labor rate variance? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero variance). Round your final answer to nearest whole dollar amount.) Answer is complete but not entirely correct. The amount of the labor rate variance 420 C-1. What is the variable overhead efficiency variance? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero variance)). Answer is complete but not entirely correct. The amount of the variable overhead officiency variance (300) Ju C-2 What is the variable overhead rate variance? (Indicate the effect of each variance by selecting "F" for favorable. "U" for unfavorable, and "None" for no effect (.e., zero variance)). Answer is complete but not entirely correct. The amount of tie variable overhead role variance 3 (040) 5. JX D E Standard Price $4.00 per pound $22.00 per hour $6.00 per hour + Actual price $3.80 per pound $21.60 per hour A B C 4 Exhibit 9-8: Standard Cost Card 5 Inputs Standard Quantity 6 Direct materials 3.0 pounds 7 Direct labor 0.50 hours 8 Variable manufacturing overhead 0.50 hours 9 10 Actual results: 11 Actual output 2,000 units 12 Actual variable manufacturing overhead cost $7,140 13 Actual Quantity 14 Actual direct materials cost 6,500 pounds 15 Actual direct labor cost 1,050 hours 16 17 Enter a formula into each of the cells marked with a ? below 18 Main Example: Chapter 9 19 20 Exhibit 9-11: Standard Cost Variance Analysis - Direct Materials 21 Actual Quantity of Input, at Actual Price ? pounds 22 Actual Quantity of input, at Standard Price ? pounds 23 Standard Quantity Allowed for the Actual Output, at Standard Price ? pounds x 24 Direct materials variances: 25 Materials price variance ? 26 Materials quantity variance ? 27 Materials spending variance 28 29 Exhibit 9-12: Standard Cost Variance Analysis - Direct Labor 30 Actual Hours of Input, at Actual Rate 2 hours 31 Actual Hours of Input, at Standard Rate 2 hours 32 Standard Houn Allowed for the Actual Output, at Standard Rate 2 hours 33 Direct labor variances 34 Labor rate variance ? 35 Labor efficiency variance ? 36 Labor spending variance ? 37 38 Exhibit 9-13: Standard Cost Variance Analysis-Variable Manufacturing Overhead 39 Actual Hours of Input, at Actual Rate ? hours 40 Actual Hours of Input, at Standard Rate 41 Standard Hours Allowed for the Actual Output, at Standard Rate ? hours ? hours 42 Variable overhead variances 43 Variable overhead rate variance ? 44 Variable overhead efficiency variance 7 45 Variable overhead spending variance 7 46 2 per pound - ? per pound- 2 per pound ? ? ? ? per hour ? per hour ? per hour ? ? 7 ? per hour 2 per hour ? per hour