Requirement 2: Revise the data in your worksheet to reflect the results for the subsequent period as shown below:

1 Chapter 8: Applying Excel

2

3 Data

4 Exhibit 8-8: Standard Cost Card

5 Inputs Standard Quantity Standard Price

6 Direct materials 3.0 pounds $4.00

7 Direct labor 0.50 hours $22.00 per hour

8 Variable manufacturing overhead 0.50 hours $6.00 per hour

9

10 Actual results:

11 Actual output 1,940 units

12 Actual variable manufacturing overhead cost $6,992

13 Actual Quantity Actual price

14 Actual direct materials cost 5,935 pounds $3.7 pounds

15 Actual direct labor cost 1,185 hours $22.2 per hour

16

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).)

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).)

b-1. What is 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).)

b-2. What is 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).)

c-1. What is 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).)

c-2. What is 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).)