Standard Price $4.00 per pound $22.00 per hour $6.00 per hour 13 Actual price $3.80 per pound $21.60 per hour a 1 Chapter 10: Applying Excel 2 3 Data 4 Exhibit 10-1: Standard Cost Card 5 Inputs Standard Quantity 6 Direct materials 3.0 pounds 7 Direct labor 0.50 hours 8 Variable manufacturing overhead 0.50 hours 9 10 Actual results: 11 Actual output 2,000 units 12 Actual variable manufacturing overhead cost $7,140 Actual Quantity 14 Actual direct materials cost 6,500 pounds 15 Actual direct labor cost 1,050 hours 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 ? pounds 22 Actual Quantity of Input, at Standard Price ? pounds 23 Actual Quantity of Input, at Actual Price ? pounds 24 Direct materials variances: 25 Materials quantity variance ? 26 Materials price variance ? 27 Materials spending variance ? 28 29 Exhibit 10-6: Standard Cost Variance Analysis-Direct Labor 30 Standard Hours Allowed for the Actual Output, at Standard Rate ? hours x 31 Actual Hours of Input, at Standard Rate ? hours x 32 Actual Hours of Input, at Actual Rate ? hours x 33 Direct labor variances: Labor efficiency variance ? 35 Labor rate variance ? 36 Labor spending variance ? 37 38 Exhibit 10-8: Standard Cost Variance Analysis-Variable Manufacturing Overhead 39 Standard Hours Allowed for the Actual Output, at Standard Rate ? hours x 40 Actual Hours of Input, at Standard Rate ? hours x 41 Actual Hours of Input, at Actual Rate ? hours 42 Variable overhead variances: 43 Variable overhead efficiency variance ? 44 Variable overhead rate variance ? 45 Variable overhead spending variance 46 ? per pound ? per pound ? per pound ? ? ? per hour = ? per hour = ? per hour = ? ? ? 34 ? per hour = ? per hour = ? per hour = ? ? .. ? A B D E 1 Chapter 10: Applying Excel 2 3 Data 4 5 Exhibit 10-1: Standard Cost Card Inputs Direct materials Direct labor 6 $ 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 7 $ $ 8 Variable manufacturing overhead 9 10 11 Actual results Actual output Actual variable manufacturing overhead cost 12 $ 13 1,880 units 4.991.00 Actual Quantity 5,555 pounds 805 hours 14 Actual direct materials cost $ $ Actual price 4.30 per pound 21.90 per hour 15 Actual direct labor cost 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 (i.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