Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Standard Costs and Variances Calculate missing direct material variables Last month, Talley Corporation purchased and used the same quantity of material in producing its product,
Standard Costs and Variances | ||
Calculate missing direct material variables | ||
Last month, Talley Corporation purchased and used the same quantity of material in producing its product, speed bumps for traffic control. | ||
Requirement | ||
1 | Complete the table by filling in the missing information. | |
a. | Use the ABS function when calculating variances, and use the drop-down selections for F or U when describing the variances. | |
|
(Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked wrong.) | ||||
Direct materials information | Medium speed bump | Large speed bump | ||
Standard pounds per unit | 15 | |||
Standard price per pound | $1.00 | $1.80 | ||
Actual quantity purchased and used per unit | 16 | |||
Actual price paid for material per pound | $1.80 | $2.10 | ||
Direct materials price variance | $1,120 | U | $1,920 | U |
Direct materials quantity variance | $100 | F | ||
Total direct material variance | $480 | U | ||
Number of units produced | 100 | 400 |
** CAN I GET HELP WITH THE TYPE OF FORMULAS TO USE PLEASE** PLEASE DO IT ON EXCEL AND UPLOAD FUNCTIONS
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started