! Required information Chapter 10: Applying Excel (Algo) (LO10-1, LO10-2, LO10-3] The Chapter 10 Form worksheet is to be used to create your own worksheet version of the main example in the text. Chapter 10: Applying Excel: Exercise (Part 2 of 2) (Algo) Requirement 2: Revise the data in your worksheet to reflect the results for the subsequent period as shown below: A B D E 1 Chapter 10: Applying Excel N 3 Standard Quantity 3.0 pounds 0.50 hours 0.50 hours $ $ Standard Price 4.00 per pound 22.00 per hour 6.00 per hour $ Data 4 Exhibit 10-1: Standard Cost Card 5 Inputs 6 Direct materials 7 Direct labor 8 Variable manufacturing overhead 9 10 Actual results: 11 Actual output 12 Actual variable manufacturing overhead cost 13 14 Actual direct materials cost 15 Actual direct labor cost $ 1,900 units 5,084.00 Actual Quantity 5,860 pounds 820 hours $ Actual price 3.80 per pound 22.10 per hour Standard Quantity 3.0 pounds 0.50 hours 0.50 hours Standard Price $4.00 per pound $22.00 per hour $6.00 per hour 3 Data 4 Exhibit 10-1: Standard Cost Card 5 Inputs 6 Direct materials 7 Direct labor 8 Variable manufacturing overhead 9 10 Actual results: 11 Actual output 12 Actual variable manufacturing overhead cost 13 14 Actual direct materials cost 15 Actual direct labor cost 2,000 units $7,140 Actual Quantity 6,500 pounds 1,050 hours Actual price $3.80 per pound $21.60 per hour 16 17 Enter a formula into each of the cells marked with a ? below 18 Main Example: Chapter 10 19 20 Exhibit 10-4: Standard Cost Variance Analysis - Direct Materials 21 Standard Quantity Allowed for the Actual Output, at Standard Price 22 Actual Quantity of Input, at Standard Price 23 Actual Quantity of Input, at Actual Price 24 Direct materials variances: 25 Materials quantity variance 26 Materials price variance 27 Materials spending variance 28 60,000 pounds x 6,500 pounds 6,500 pounds $4.00 per pound $4.00 per pound = $3.80 per pound = $24,000 $26,000 $24,700 $2,000 U $1,300 F $700 U $22.00 per hour = $22.00 per hour = $21.60 per hour = $22,000 $23,100 $22,680 29 Exhibit 10-6: Standard Cost Variance Analysis-Direct Labor 30 Standard Hours Allowed for the Actual Output, at Standard Rate 1,000 hours x 31 Actual Hours of Input, at Standard Rate 1,050 hours x 32 Actual Hours of Input, at Actual Rate 1,050 hours 33 Direct labor variances: 34 Labor efficiency variance $1,100 U 35 Labor rate variance $420 F 36 Labor spending variance $680 U 37 38 Exhibit 10-8: Standard Cost Variance Analysis-Variable Manufacturing Overhead 39 Standard Hours Allowed for the Actual Output, at Standard Rate 1,000 hours x 40 Actual Hours of Input, at Standard Rate 1,050 hours 41 Actual Hours of Input, at Actual Rate 1,050 hours * 42 Variable overhead variances: 43 Variable overhead efficiency variance $300 U 44 Variable overhead rate variance $840 U 45 Variable overhead spending variance $1,1401 U 46 47 $6.00 per hour = $6.00 per hour = $6.80 per hour = $6,000 $6,300 $7,140 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)). The amount of the materials quantity variance 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 (i.e., zero variance)). The amount of the materials price variance b-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 (.e., zero variance)). The amount of the labor efficiency variance 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 (i.e., zero variance). Round your final answer to nearest whole dollar amount.) The amount of the labor rate variance 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 (i.e., zero variance)). The amount of the variable overhead efficiency variance 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 (i.e., zero variance)). The amount of the variable overhead rate variance