Required information The Chapter 10 Form worksheet is to be used to create your own worksheet version of the main example in the text. Download the Applying Excel form and enter formulas in all cells that contain question marks. For example, in cell D21 enter the formula "=D6". In the text, variances are always displayed as positive numbers. To accomplish this, you can use the ABS0) function in Excel. For Notes: example, the formula in cell B25 would be "=ABS(F21-F22)". - Cells C25 through C27, C34 through C36, and C43 through C45 already contain formulas 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 - After entering formulas in all of the cells that contained question marks, verify that the amounts match the numbers in the formulas. example in the text. In the text, variances are always displayed as positive numbers. To accomplish this, you can use the ABS0 function in Excel. For example, the formula in cell B25 would be "=ABS(F21-F22)". - Cells C25 through C27, C34 through C36, and C43 through C45 already contain formulas 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 Required: 1. Check your worksheet by changing the direct materials standard quantity in cell B6 to 29 pounds, the direct labor standard quantity in cell B7 to 0.6 hours, and the variable manufacturing overhead in cell B8 to 0.6 hours. The materials spending variance should now be $1,500U, the labor spending variance should now be $3,720F, and the variable overhead spending variance should now be $60F. If you do not get these answers, find the errors in your worksheet and correct them. Save your completed Applying Excel form to your computer and then upload it here by clicking "Browse." Next, click "Save." You will use this worksheet to answer the questions in Part 2. B C D E F G A Chapter 10: Applying Excel 3 Data 4 Exhibit 10-1: Standard Cost Card Inputs Standard Quantity Standard Price 6 Direct materials 3.0 pounds $4.00 per pound 7 Direct labor \begin{tabular}{l|l} 0.50 hours & $22.00 per hour \\ 0.50 hours & $6.00 per hour \end{tabular} 8 Variable manufacturing overhead 9 10 Actual results: 2,000 units 11 Actual output 12 Actual variable manufacturing overhead cost 13 Actual direct materials cost \begin{tabular}{c|c} $7,140 & \\ \hline Actual Quantity & Actual price \\ 6,500 pounds & $3.80 per pound \\ 1,050 hours & $21.60 per hour \end{tabular} 15 Actual direct labor cost 17 Enter a formula into each of the cells marked with a ? below. 18 Main Example: Chapter 10 19 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 ?poundsx?poundsx?poundsx?perpound=?perpound=?perpound=??? 24 Direct materials variances: 25 Materials quantity variance Materials price variance ? ? 27 Materials spending variance > Chapter 10 Form + B D A C 20 Exhibit 10-4: Standard Cost Variance Analysis - Direct Materia/s 21 Standard Quantly Allowed for the Actual Output, at Standard Price 22 Actual Cuantity of input, at Standard Price 23. Actual Quantity of input, at Actual Price ?poundsx?poundsx?poundsx?perpound=?perpound=?perpound=??? 24 Direct materials variances: ? 25 Materials quantity variance Materials price variance Materials spending variance Exhibit 10-6: Standard Cost Variance Analysis - Direct Labor 30 Standard Hours Allowed for the Actual Output, at Standard Rate 31 Actual Hours of input, at Standard Rate 32 Actual Hours of input at Actual Rate ?hoursx?hoursx?hoursx?perhour=?perhour=?perhour=??? 33 Direct labor variances: 34 Labor efficienty variance 7 Labor tate variance Labor spending variance 38 Exhibit 10-8: Standard Cost Variance Analysis-Variable Manufacturing Overhead 39 standard Hours Alowed for the Actual Outpul at Standard Rate 40 Actual Hours of input, at Standard Rate 41 Actual Hours of lnpul, at Actual Rate ? hours x ? hours x ? hours x ?perhour=?perhour=?perhour=??? 42 Variable ovemead veriances 43 varable overhead efficiency variance 44 Variable ovethesd rate variance 45 Variable overthead spending variante ? ? Required information The Chapter 10 Form worksheet is to be used to create your own worksheet version of the main example in the text. Download the Applying Excel form and enter formulas in all cells that contain question marks. For example, in cell D21 enter the formula "=D6". In the text, variances are always displayed as positive numbers. To accomplish this, you can use the ABS0) function in Excel. For Notes: example, the formula in cell B25 would be "=ABS(F21-F22)". - Cells C25 through C27, C34 through C36, and C43 through C45 already contain formulas 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 - After entering formulas in all of the cells that contained question marks, verify that the amounts match the numbers in the formulas. example in the text. In the text, variances are always displayed as positive numbers. To accomplish this, you can use the ABS0 function in Excel. For example, the formula in cell B25 would be "=ABS(F21-F22)". - Cells C25 through C27, C34 through C36, and C43 through C45 already contain formulas 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 Required: 1. Check your worksheet by changing the direct materials standard quantity in cell B6 to 29 pounds, the direct labor standard quantity in cell B7 to 0.6 hours, and the variable manufacturing overhead in cell B8 to 0.6 hours. The materials spending variance should now be $1,500U, the labor spending variance should now be $3,720F, and the variable overhead spending variance should now be $60F. If you do not get these answers, find the errors in your worksheet and correct them. Save your completed Applying Excel form to your computer and then upload it here by clicking "Browse." Next, click "Save." You will use this worksheet to answer the questions in Part 2. B C D E F G A Chapter 10: Applying Excel 3 Data 4 Exhibit 10-1: Standard Cost Card Inputs Standard Quantity Standard Price 6 Direct materials 3.0 pounds $4.00 per pound 7 Direct labor \begin{tabular}{l|l} 0.50 hours & $22.00 per hour \\ 0.50 hours & $6.00 per hour \end{tabular} 8 Variable manufacturing overhead 9 10 Actual results: 2,000 units 11 Actual output 12 Actual variable manufacturing overhead cost 13 Actual direct materials cost \begin{tabular}{c|c} $7,140 & \\ \hline Actual Quantity & Actual price \\ 6,500 pounds & $3.80 per pound \\ 1,050 hours & $21.60 per hour \end{tabular} 15 Actual direct labor cost 17 Enter a formula into each of the cells marked with a ? below. 18 Main Example: Chapter 10 19 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 ?poundsx?poundsx?poundsx?perpound=?perpound=?perpound=??? 24 Direct materials variances: 25 Materials quantity variance Materials price variance ? ? 27 Materials spending variance > Chapter 10 Form + B D A C 20 Exhibit 10-4: Standard Cost Variance Analysis - Direct Materia/s 21 Standard Quantly Allowed for the Actual Output, at Standard Price 22 Actual Cuantity of input, at Standard Price 23. Actual Quantity of input, at Actual Price ?poundsx?poundsx?poundsx?perpound=?perpound=?perpound=??? 24 Direct materials variances: ? 25 Materials quantity variance Materials price variance Materials spending variance Exhibit 10-6: Standard Cost Variance Analysis - Direct Labor 30 Standard Hours Allowed for the Actual Output, at Standard Rate 31 Actual Hours of input, at Standard Rate 32 Actual Hours of input at Actual Rate ?hoursx?hoursx?hoursx?perhour=?perhour=?perhour=??? 33 Direct labor variances: 34 Labor efficienty variance 7 Labor tate variance Labor spending variance 38 Exhibit 10-8: Standard Cost Variance Analysis-Variable Manufacturing Overhead 39 standard Hours Alowed for the Actual Outpul at Standard Rate 40 Actual Hours of input, at Standard Rate 41 Actual Hours of lnpul, at Actual Rate ? hours x ? hours x ? hours x ?perhour=?perhour=?perhour=??? 42 Variable ovemead veriances 43 varable overhead efficiency variance 44 Variable ovethesd rate variance 45 Variable overthead spending variante