Standard Costs and Variances Calculate missing direct material variables Last mont, Talley Corporation purchased and used the same quantity of material in producing its product, speed bumps for traffic control Review the data in the ENTERANSWERS tab. Use the blue shaded areas on the EnterAnswers tab for inputs. Always use cell references and formulas where appropriate to receive full credit. Requirement 1 Complete the table by filling in the missing information a. Usethe ABS function when calculating variances, and use the drop-down selections for For U when describing the variances Saving& Submitting Solution 1 Save file to desktop. Create folder on desktop, and label COMPLETED EXCEL PROJECTS Save your solution in the folder you just created; add-solution-date to end of file name a. b. 2 Upload and submit your file to be graded. Navigate back to the activity window- screen where you downloaded the initial spreadsheet a. b Click Choose button under step 3; locate the file you just saved and click Open c.Click Upload button under step 3 d. Click Submit button under step 4 Viewing Results 1 Click on Results tab in MyAccountingLab 2 Click on the Assignment you were working on 3 Click on Project link; this will bring up your Score Card 4 Within Score Card window, click on Live Comments Report (lower right) to download spreadsheet with feedback (Always use cell references and formulas where appropriate to receive full credit.) Direct materials information Standard pounds per unit Standard price per pound Actual quantity purchased and used per unit Actual price paid for material per pound Direct materials price variance Direct materials quantity variance Total direct material variance Number of units produced Medium s bum Large s bump 15 $1.00 $1.80 16 $1.80 $1,120 $100 $1,920 $480 400 100 Standard Costs and Variances Calculate missing direct material variables Last mont, Talley Corporation purchased and used the same quantity of material in producing its product, speed bumps for traffic control Review the data in the ENTERANSWERS tab. Use the blue shaded areas on the EnterAnswers tab for inputs. Always use cell references and formulas where appropriate to receive full credit. Requirement 1 Complete the table by filling in the missing information a. Usethe ABS function when calculating variances, and use the drop-down selections for For U when describing the variances Saving& Submitting Solution 1 Save file to desktop. Create folder on desktop, and label COMPLETED EXCEL PROJECTS Save your solution in the folder you just created; add-solution-date to end of file name a. b. 2 Upload and submit your file to be graded. Navigate back to the activity window- screen where you downloaded the initial spreadsheet a. b Click Choose button under step 3; locate the file you just saved and click Open c.Click Upload button under step 3 d. Click Submit button under step 4 Viewing Results 1 Click on Results tab in MyAccountingLab 2 Click on the Assignment you were working on 3 Click on Project link; this will bring up your Score Card 4 Within Score Card window, click on Live Comments Report (lower right) to download spreadsheet with feedback (Always use cell references and formulas where appropriate to receive full credit.) Direct materials information Standard pounds per unit Standard price per pound Actual quantity purchased and used per unit Actual price paid for material per pound Direct materials price variance Direct materials quantity variance Total direct material variance Number of units produced Medium s bum Large s bump 15 $1.00 $1.80 16 $1.80 $1,120 $100 $1,920 $480 400 100