T Alineacin Numero Edilos Celdus apapeles Fuerite C D Problem Set 3. (20 points) 1. Fill out the blanks in color. If no answer key is needed, just leave the Mak 2. Each cell MUST include formula link, or a working 3. Directly typing only the answers on the ceff won't get the full cndits freopt for sumbers from the 4. Sharing answers and files will result Zeo Grade both checked) ABC Company uses a standard cast system. The month's data regarding its product it actual and standard as Juliow Actool Oect material cost per pound (5) 07 Standard Decti 1.00 Mateul purchased and wond in total cutput() 1.300 3.00 Direct labor rates per unt of input 15) 7.20 Direct laber hourt incurred in total output (hound 5.500 Det borte Drect bored 300 sunit hour 500 Variable overhead costed in Feed overhead cost incunt in total outp 4620 2300 4,000 239 the units produced for actual output during the month were 1,000 Requirement 1. Prepare the following schedules and all variances, and analyze the results Supporing Schedule. Actual and Standard data. Standard Data Direct mal Standard Price Standard Quantity Chits of Ac Output level pound Det labor cost hour Price and Quantity of Acutal and Standard Deet material cost pound Actual Price Actual Quantity Standa ned for Outaout Direct labor cost Variable Overhead hour) hours "Cost driver of Variable Overhead: Direct labor hours Flexible Budget Variances Flexible Budget Variance Deect material coupo Direct bort (5) Actual Cost Flexible g incurred 870 Variable overhead cost hour Frend arte Price (Rate, Spending) and Quantity (Usage, Efficiency) Variances Variances Dress mate Variable head c Twed overhad Piete Actual Cust Spending Standard Quantity of Output invel achieved 4,000 Stand Pics Quantity (Usage Flexible Budget 8/0 Requirement 2. You are an upper manager of the production manager whe is reponsible for the budget variances Requirement 2-1 Anolyze the direct material cost variances and giver the production manager a right feedback related to the price and quantity varian Requirement 2-2. Analyze the direct labor cost variances and give the production manager u right feedback related to the rate and usage variances 1 A D Nimes F H 2 Problem Set 3. (20 points) 3 1. Fill out the blanks in color. If no answer key is needed, just leave the blank. 4 2. Each cell MUST include a formula, link, or a working process. (except for the given number from the questions) 5 3. Directly typing only the answers on the cell won't get the full credits. (except for given numbers from the questions) 6 4. Sharing answers and files will result in the Zero Grade both giver and receiver. (Plagiarism will be checked) 7 8 ABC Company uses a standard cast system. The month's data regarding its product in actual and standard as follow: 9 20 Actual Standard Direct material cost per pound (5) 0.97 Direct material cost per pound (S) 1.00 22 Material purchased and used in total output (pound) 3,300 23 Direct labor rates per unit of input (5) 7.70 Direct labor hours incurred in total output (hours) 5,500 35 Variable overhead cost incurred in total ouput ($) 4,620 6 Foxed overhead cost incurred in total output(5) 7,200 Direct material used in a unit (pound) Direct labor rates per unit of input ($) Direct labor used in a unit (hour) Variable overhead cost in total (5) Fixed overhead cost in total (5) 3.00 8.00 5.00 4,000 7,350 37 The units produced for actual output during the month were 1,000. 28 9 20 Requirement 1. Prepare the following schedules and all variances, and analyze the results. Supporing Schedule. Actual and Standard data. 21 22 Standard Price Standard Quantity 23 Standard Data per unit of input per unit Units of Actual Output level 24 Direct material cost (S, pound) 25 Direct labor cost (5, hour) 26 Price and Quantity. Actual Price 27 of Acutal and Standard per unit of Input Actual Quantity used for Output Standard Price per unit of Input 28 Direct material cost (5, pound) 29 Direct labor cost (S, hour) 30 Variable Overhead (5, hour* 31 "Cost driver of Variable Overhead: Direct labor hours 32 33 Flexible Budget Variances. 14 15 Flexible Budget Variance Actual Cost Incurred: Flexible Budget Variance F/U Flexible Budget: 36 Direct material cost (5, pound) 37 38 Direct labor cost (5, hour) Variable overhead cost (5, hour) Standard Quantity of Output level achieved 4,000 E Nare B Price and Quantity C D Actual Price of Acutal and Standard per unit of Input Actual Quantity used for Output Standard Price per unit of Input Direct material cost (S, pound) Direct labor cost (5, hour) Variable Overhead (5, hour") *Cost driver of Variable Overhead: Direct labor hours Flexible Budget Variances. Flexible Budget Variance Actual Cost Flexible Budget Incurred: Variance F/U Flexible Budget: Direct material coast (5, pound) Direct labor cost (S, hour) Variable overhead cost (5, hour) Fixed overhead cost Price (Rate, Spending) and Quantity (Usage, Efficiency) Variances. Variances. Direct material cost Direct labor cost Variable overhead cost Standard Quantity of Output level achieved 4,000 E Actual Cost Incurred Price (Rate, Spending) Variance F/U Standard Prices x Actual Quantities used for Output Quantity (Usage, Efficiency) Variance Flexible Budget F/U Flexible Budget Variances F/U Fixed overhead cost Requirement 2. You are an upper manager of the production manager who is reponsible for the budget variances. Requirement 2-1. Analyze the direct material cost variances and give the production manager a right feedback related to the price and quantity variances. Requirement 2-2. Analyze the direct labor cost variances and give the production manager a right feedback related to the rate and usage variances. Requirement 23 Analyze the wariable overhead cost variances and nive the neoduction manager a right feedback related to the spending and efficiency unciances B Direct material cost Direct labor cost Variable overhead cost Fixed overhead cost D H Requirement 2. You are an upper manager of the production manager who is reponsible for the budget variances. Requirement 2-1. Analyze the direct material cost variances and give the production manager a right feedback related to the price and quantity variances. Requirement 2-2. Analyze the direct labor cost variances and give the production manager a right feedback related to the rate and usage variances. Requirement 2-3. Analyze the variable overhead cost variances and give the production manager a right feedback related to the spending and efficiency variances. Requirement 2-4. Analyze the fixed overhead cost variances and give the production manager a right feedback related to the spending and efficiency variances, The End of the Problem Set 3 Total Problem Set 3. (20 points) 1. Fill out the blanks in coler ne anneer key is needed, just leave the Ment 2. Each cell MUST include a formal ink, i working process (except for the given number from the questions 3. Directly typing only the answers on the sell west get the full credits (except for given numbers from the questions Sharing answers and files will rest in the Zero Grade both giver and receiver (Plagiarism will be checked) ABC Campeny uses a standard cost system. The month's date regarding its product in actual and standard as follow Actual Standard Direct material cost per pound (5 0.97 Direct material cost per pound (5) 1.00 Material purchased and used in total output (round) 3,300 Direct material used in a unit (pound) 300 Direct labor rates per unit of input (S) 7.70 Direct labor rates per unit of input (5) 8.00 Direct labor hours incurred in total output (hours) 5,500 Direct labor used i aunt (hour) 5.00 Variable overhead cost incurred in total put (5) 4,620 Variable overhead cost in total (5) 4,000 Fixed overhead com incured in total output) 7,200 Fiend overhead cost in total (5) 7.350 "The units produced for actual output during the month were 1,000. Requirement 1. Prepare the following schedules and all variances, and analyze the results. Supporing Schedule. Actual and Standard data. Standard Data Standard Price Standard Quantity per unit of input per unit Units of Actual Output level Dect material (5) Direct labert (S Price and Quantity Actual Price of Acutal and Standard per unit of Input Actuality used for Output Standard Price per unit of t Direct material cot (5 pound Direct labor Variable Overhead hour) "Cest driver of Variable Overhead Direct labor hours Flexible Budget Variances Flexible Budget Variance Direct material cost 5 pound Direct labor cost hour) Variable overhead cost, hour Fand overhead c Actual Cost incurred Flexible Budget Variance F/U Flexible Budget Price (Rate, Spending) and Quantity (Usage, Efficiency) Variances. Variances Direct material cost Deest labor cout Variable overhead cost Exed overhead cost Actual Cost Incurred Standard Quantity of Output level achieved Price (Rate Standard Prices Quantity (Usage Spending) Variance xActual Quantities used for Output Efficiency) Variance Flexible Budget F/U Flexible Budget Variances FU Requirement 2. You are an upper manager of the production manager who is reponsible for the budget variances. Requirement 2-1. Analyze the direct material cost variances and give the production manager a right feedback related to the price and quantity variances Requirement 2-2. Analyze the direct labor cost variances and give the production manager a right feedback related to the rate and usage variances Requirement 2-3. Analyze the variable overhead cost variances and give the production manager a right feedback related to the spending and efficiency vario Requirement 2-4. Analyze the fixed overhead cost variances and give the production manager a right feedback related to the spending and efficiensy vi Points