Team Project #13 (20 points) Directions: Each team will be required to bake a batch of brownies. The object of the project is to measure your batch of brownies' actual costs versus a set of standard costs that I developed. Each team will be required to purchase a list of ingredients to make the brownies. Note you must purchase the exact same quantity of materials as the standards set below. For example, when buying vegetable oil you need to buy 11 24 oz. bottle. The team needs to record how long it takes to make the cookies (from the time your start to combine the ingredients until the last batch is taken out of the oven). We will only measure the direct materials and direct labor variances. You will be required to enter the cost information on the respective spreadsheets for direct materials and direct labor. You will be required to input formulas to calculate the price and quantity variances for direct materials and the rate and efficiency variance for direct labor. The purpose of the project is not to have zero variances--in fact variances are encouraged! Carefully read the directions on each spreadsheet. The project is due on the date noted in the class timeline. You will submit the finished project via Canvas by midnight on the due date. The ingredients and recipe are listed below: Ingredients Ingredient and quantity Pre-packaged brownie mix Vegetable oil Eggs Standard price $2.99 for 18 oz. box $3.49 for 24 oz. vegetable oil bottle $1.49 for half dozen container Total cost $7.97 Instructions Direct Materials Direct Labor rice Standard Cost Total Cost Actual Cost Total Cost enter enter Ingredient Brownies mix (18 oz.) Vegetable oil (24 oz) Eggs (half-dozen) 5 enter B Total Cost/Batch $ 7.97 Total Cost/Batch $ Quantity 1 Note: You will have to make up an arbitrary amount for the quantity, since the only way there would be a quantity variance 12 would be if you spiled some of the ingredients. Make the number is somewhere between 90 and 1.20 (excluding 1.00) 14 Standard Quantity Actual Quantity enter =% over or under standard quantity of materials (for example 1.15 means you used 15% more materials than the standard) i . . .ni n i 16 Direct Materials Variances (for example 1.15 means you used 15% more mater than the standard) 17 Note: Insert formulas in the highlighted cells with formula in them. Make sure you indicate whether or not the variances are favorable or unfavorable Actual Quantity of Inputs, at Actual Price formula Actual Quantity of Inputs, at Standard Price formula Standard Quantity Allowed for Output, at Standard Price formula Price Variance formula Fav/Unfav Quantity Variance formula Craig: Total Variance formula Faw/Unfav Add Price Variance with Quantity Variance (note that fone variance is favorable and the other unfavorable, you will subtract) Instructions Direct Materials Direct Labor G H Rate Note: The rate is quoted per minute of labor. Please make up an arbitrary labor rate per minute for your team and enter it in the highlighted cell Make the number somewhere between $.40 and $.75 (excluding $.50). Standard Rate/Minute $0.50 Actual Rate/Minute enter Efficiency Note: Enter the actual number of minutes your team took to make all the cookies from the time you started putting the ingredients together until the last cookies were taken out of the oven. 45 minutes enter minutes Standard Minutes Allowed Per Batch Actual Minutes Per Batch Direct Labor Variances 7 Note: Insert formulas in the highlighted cells with formula in them. Make sure you indicate whether or not the variances are favorable or unfavorable Actual Minutes of Inputs, at Actual Rate formula Actual Minutes of Inputs, at Standard Rate formula Standard Minutes Allowed for Output, at Standard Rate formula Eiciency Variance Rate Variance formula Faw Unfav Fawn Total Variance formula Fawlinay G H I J K L M N 2 Standard Cost 3 Total Cost Actual Cost Total Cost $1.98 32.79 Total Cost/Batch 5.96 11 hake up an arbitrary amount for the quantity, since the only way there would be a quantity variance 12 ome of the ingredients. Make the number is somewhere between 90 and 1.20 (excluding 1.00) 13 Actual Quantity =% over or under standard quantity of materials (for example 1.15 means you used 15% more materials than the standard) 76 aterials Variances 17 the highlighted cells with formula in them. Make sure you indicate whether or not the variances are favorable or unfavorable 19 Actual Quantity of Actual Quantity of Inputs, Standard Quantity Allowed 20 puts, at Actual Price at Standard Price for Output, at Standard Price formula formula formula 18 ANS Instructions Direct Materials Direct Labor > eady Team Project #13 (20 points) Directions: Each team will be required to bake a batch of brownies. The object of the project is to measure your batch of brownies' actual costs versus a set of standard costs that I developed. Each team will be required to purchase a list of ingredients to make the brownies. Note you must purchase the exact same quantity of materials as the standards set below. For example, when buying vegetable oil you need to buy 11 24 oz. bottle. The team needs to record how long it takes to make the cookies (from the time your start to combine the ingredients until the last batch is taken out of the oven). We will only measure the direct materials and direct labor variances. You will be required to enter the cost information on the respective spreadsheets for direct materials and direct labor. You will be required to input formulas to calculate the price and quantity variances for direct materials and the rate and efficiency variance for direct labor. The purpose of the project is not to have zero variances--in fact variances are encouraged! Carefully read the directions on each spreadsheet. The project is due on the date noted in the class timeline. You will submit the finished project via Canvas by midnight on the due date. The ingredients and recipe are listed below: Ingredients Ingredient and quantity Pre-packaged brownie mix Vegetable oil Eggs Standard price $2.99 for 18 oz. box $3.49 for 24 oz. vegetable oil bottle $1.49 for half dozen container Total cost $7.97 Instructions Direct Materials Direct Labor rice Standard Cost Total Cost Actual Cost Total Cost enter enter Ingredient Brownies mix (18 oz.) Vegetable oil (24 oz) Eggs (half-dozen) 5 enter B Total Cost/Batch $ 7.97 Total Cost/Batch $ Quantity 1 Note: You will have to make up an arbitrary amount for the quantity, since the only way there would be a quantity variance 12 would be if you spiled some of the ingredients. Make the number is somewhere between 90 and 1.20 (excluding 1.00) 14 Standard Quantity Actual Quantity enter =% over or under standard quantity of materials (for example 1.15 means you used 15% more materials than the standard) i . . .ni n i 16 Direct Materials Variances (for example 1.15 means you used 15% more mater than the standard) 17 Note: Insert formulas in the highlighted cells with formula in them. Make sure you indicate whether or not the variances are favorable or unfavorable Actual Quantity of Inputs, at Actual Price formula Actual Quantity of Inputs, at Standard Price formula Standard Quantity Allowed for Output, at Standard Price formula Price Variance formula Fav/Unfav Quantity Variance formula Craig: Total Variance formula Faw/Unfav Add Price Variance with Quantity Variance (note that fone variance is favorable and the other unfavorable, you will subtract) Instructions Direct Materials Direct Labor G H Rate Note: The rate is quoted per minute of labor. Please make up an arbitrary labor rate per minute for your team and enter it in the highlighted cell Make the number somewhere between $.40 and $.75 (excluding $.50). Standard Rate/Minute $0.50 Actual Rate/Minute enter Efficiency Note: Enter the actual number of minutes your team took to make all the cookies from the time you started putting the ingredients together until the last cookies were taken out of the oven. 45 minutes enter minutes Standard Minutes Allowed Per Batch Actual Minutes Per Batch Direct Labor Variances 7 Note: Insert formulas in the highlighted cells with formula in them. Make sure you indicate whether or not the variances are favorable or unfavorable Actual Minutes of Inputs, at Actual Rate formula Actual Minutes of Inputs, at Standard Rate formula Standard Minutes Allowed for Output, at Standard Rate formula Eiciency Variance Rate Variance formula Faw Unfav Fawn Total Variance formula Fawlinay G H I J K L M N 2 Standard Cost 3 Total Cost Actual Cost Total Cost $1.98 32.79 Total Cost/Batch 5.96 11 hake up an arbitrary amount for the quantity, since the only way there would be a quantity variance 12 ome of the ingredients. Make the number is somewhere between 90 and 1.20 (excluding 1.00) 13 Actual Quantity =% over or under standard quantity of materials (for example 1.15 means you used 15% more materials than the standard) 76 aterials Variances 17 the highlighted cells with formula in them. Make sure you indicate whether or not the variances are favorable or unfavorable 19 Actual Quantity of Actual Quantity of Inputs, Standard Quantity Allowed 20 puts, at Actual Price at Standard Price for Output, at Standard Price formula formula formula 18 ANS Instructions Direct Materials Direct Labor > eady