The bwwwwww 26 STANDARD COSTING Deretter semper batan de All what the che son is by www This from pop th Suppo directly Puri (Masalataragamalar even the soul ber. The whole 2012, LANCARY 222 RESULTS 202.12 ril kaalai cul direct een 1391 tulad 537.300 Share Glassworks, Inc. Income Statement "FOR INTERNAL USE ONLY Sales revenue 5 Cost of goods sold tot standard Standard gross profil Variance Materials price Material quant Labor Laborat Manufacturing overhead Totalwariance Gross profit del Supporting 1 Direct materials 1 1.13:52quires 0.0197 MT sand. Hence the standard requie of direct sand for 4540 cases comes to 89.438 MT sand. (4540*0.0197) Standard cost of sand = 89.438 (18.25 + 9.15) = 2450.60 $ Actual sand purchased = 94 MT After 4% normal loss sand utilised = 94.0.96 = 90.24 MT 2. Direct labour As per standard 0.26 hours of labour required for each case and 0.05 hrs of set up time. Hence standard time for 4540 cases comes to 1407.4 hours ( 4540' 0.31) Actual hrs = 1550 hrs Actual labour cost = 31200 $ Standard cost of labor = 1470.4 hrs x ( 17.40+ 3.65) = 29625.775 3. Manufacturing overhead Actual hours = 1550 Actual overhead = $37500 Actual overhead rate comes to = 37500/1550 = 24,19 $ per hour Budgeted overhead = 426000/12 = 35500 Budgeted hours = 35500/1407.4=25.22 $ per hour. 2. Calculation of material cost variances A) material cost variance (Std rate x std qty) - (actual rate x actual qty) (89.438. (18.25+9.15) - (90.24.27.66) = 2450.60-2496.04 = 45.44 U B) Material usage variances Std ratex (Std aty - actual aty) = 27.4 (89.438-90.24) 21.97 UC) Material price variances STd aty X ( Std price - actual price) = 89.438 ( 27.4-27.56) 23.47 U 3 ) Calculation of Labour cost variances A) Labour Cost variances Std hrs x std rate - actual hrs x actual rate = 29625.77-31200 1574.23 U B) labour Rate variances Actual hrs x (Std rate - actual rate) 1550 (21.05-20.13) = 1426F C) Labour Efficiency variances Actual rate x (Std hrs-actual hrs) 21.05 (1407.4-1550) = 3000.23 U 4) Calculation of overhead Variances A) Overhead cost variances Std overhead - actual overhead = 35500-37500 = 2000 U B) Overhead rate variances Actual hrs x (Std recovery rate - actual recovery rate) 1550 (25.22-24.15) = 1596.5 F C) overhead efficiency variances Std recovery rate per hour x Std hrs-actual hrs) = 25.22 (1407.44-1550) = 3596.37 U 4) Statement showing calculation of Sharpes Income statement Particulars Amount (5) Amount (5) Sales Revenue 121700 Less Cost of goods sold at Sad 1. Direct Materials 2450.60 2. Direct labour 29625.77 3 Manufacturing overhead 35500 6757637 Standard Gross Profit 34123.63 Variances Material usage variance -21.97 Material price variance -23:47 Labour Price Variance +1426 Labour Efficiency Variance -3000 23 Overhead Rate variance +15963 Overhead Usage Variance -3596.37 -3619.54 Normal losses of Sand ((94* 4%MT.27.665) -104.09 Gross profit actual 50400,00 1 2. INSTRUCTIONS 3 1. Complete the Standard Cost Worksheet in the "Standard Costs" tab. All items should be shown 4 to at least two decimal places, except metric tons per case, which must be shown to at least four 5 decimal places. 62. Complete the Standard Cost Income Statement in the "January Review" tab. 73. Prepare, in a separate Word document, a brief memo describing which variances you, in a 8 controlling function are most curious about, and why. Who would you contact for explanations 9 about those variances. 0 1 Your solution should use formulas and cell references instead of keyed in values where possible. -2 For instance, each tab has an area to show your work, and you should use formulas to work out -3 standard quantities, price variances, etc., then cell references to pull those results into the 54 required schedule. Besides reinforcing good practices, this will make your work easier and less 55 subject to error. 56 57 Load both completed files into Canvas by 8:00 PM on April 26. 58 59 - Note on decimal places (and why so many of them are needed for standard quantities). If, for 60 instance, your standard quantity was 28,700 grams of sand per unit of finished goods, then your 61 standard quantity would be 28,700 grams divided by one million grams per metric ton, or 0.0287 62 metric tons.] 63 64 65 66 67 68 69 Instructions Standard Costs January Review READY O C 6 H D Sharpe Glassworks, Inc. Standard Cost Worksheet 2 3 Manufacturing Cost Element 5 Direct materials Standard Price Standard Cost x Standard Quantity metric tons = hours hours 7 Direct labor 8 9 Manufacturing overhead 10 11 Total 12 13 14 15 Supporting calculations: 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 39 34 F H S B C D E 1 Sharpe Glassworks, Inc. 2 Income Statement 3 "FOR INTERNAL USE ONLY 4 5 Sales revenue 6 Cost of goods sold (at standard) 7 Standard gross profit 8 Variances 9 Materials price 10 Materials quantity 11 Labor price 12 Labor quantity 13 Manufacturing overhead 14 Total variance 15 Gross profit (actual 16 17 18 19 Supporting calculations: 20 21 22 23 24 25 26 27 28 29 30 31 32 33 This Assignment needs to be done in Excel ONLY. Please show supporting calculations @ c a a - The bwwwwww 26 STANDARD COSTING Deretter semper batan de All what the che son is by www This from pop th Suppo directly Puri (Masalataragamalar even the soul ber. The whole 2012, LANCARY 222 RESULTS 202.12 ril kaalai cul direct een 1391 tulad 537.300 Share Glassworks, Inc. Income Statement "FOR INTERNAL USE ONLY Sales revenue 5 Cost of goods sold tot standard Standard gross profil Variance Materials price Material quant Labor Laborat Manufacturing overhead Totalwariance Gross profit del Supporting 1 Direct materials 1 1.13:52quires 0.0197 MT sand. Hence the standard requie of direct sand for 4540 cases comes to 89.438 MT sand. (4540*0.0197) Standard cost of sand = 89.438 (18.25 + 9.15) = 2450.60 $ Actual sand purchased = 94 MT After 4% normal loss sand utilised = 94.0.96 = 90.24 MT 2. Direct labour As per standard 0.26 hours of labour required for each case and 0.05 hrs of set up time. Hence standard time for 4540 cases comes to 1407.4 hours ( 4540' 0.31) Actual hrs = 1550 hrs Actual labour cost = 31200 $ Standard cost of labor = 1470.4 hrs x ( 17.40+ 3.65) = 29625.775 3. Manufacturing overhead Actual hours = 1550 Actual overhead = $37500 Actual overhead rate comes to = 37500/1550 = 24,19 $ per hour Budgeted overhead = 426000/12 = 35500 Budgeted hours = 35500/1407.4=25.22 $ per hour. 2. Calculation of material cost variances A) material cost variance (Std rate x std qty) - (actual rate x actual qty) (89.438. (18.25+9.15) - (90.24.27.66) = 2450.60-2496.04 = 45.44 U B) Material usage variances Std ratex (Std aty - actual aty) = 27.4 (89.438-90.24) 21.97 UC) Material price variances STd aty X ( Std price - actual price) = 89.438 ( 27.4-27.56) 23.47 U 3 ) Calculation of Labour cost variances A) Labour Cost variances Std hrs x std rate - actual hrs x actual rate = 29625.77-31200 1574.23 U B) labour Rate variances Actual hrs x (Std rate - actual rate) 1550 (21.05-20.13) = 1426F C) Labour Efficiency variances Actual rate x (Std hrs-actual hrs) 21.05 (1407.4-1550) = 3000.23 U 4) Calculation of overhead Variances A) Overhead cost variances Std overhead - actual overhead = 35500-37500 = 2000 U B) Overhead rate variances Actual hrs x (Std recovery rate - actual recovery rate) 1550 (25.22-24.15) = 1596.5 F C) overhead efficiency variances Std recovery rate per hour x Std hrs-actual hrs) = 25.22 (1407.44-1550) = 3596.37 U 4) Statement showing calculation of Sharpes Income statement Particulars Amount (5) Amount (5) Sales Revenue 121700 Less Cost of goods sold at Sad 1. Direct Materials 2450.60 2. Direct labour 29625.77 3 Manufacturing overhead 35500 6757637 Standard Gross Profit 34123.63 Variances Material usage variance -21.97 Material price variance -23:47 Labour Price Variance +1426 Labour Efficiency Variance -3000 23 Overhead Rate variance +15963 Overhead Usage Variance -3596.37 -3619.54 Normal losses of Sand ((94* 4%MT.27.665) -104.09 Gross profit actual 50400,00 Direct labor Each case is expected to require 0.26 direct labor bours to complete. This amount comes from process analysis at Sharpe, and does not include setup and down time, which are expected to average 0.05 hours per case. Sharpe pays its direct laborers an hourly wage of $17.40. Payroll taxes and benefits average 53.65 per direct labor hour. Manufacturing overhead Sharpe uses a traditional costing system and allocates overhead on the basis of standard direct labor hours. There are $426,000 of overhead costs expected in 2022, and 2022 unit pales are budgeted at 47,000 cases JANUARY 2022 RESULTS In January, 2022, sales were 5121,700 on 4,540 units sold 94 metric tons of sand were purchased and used at a total cos, including shipping, of $2,600 Actual direct labor costs were $31,200, and actual direct To own. The bottles are sold to brewers by the case, at prices generally ranging between S25 and 528 per case, and there are 100 bottles to a case STANDARD COSTING Direct materials Sand makes up about 85% of the weight of the finished product, and is the only material treated as a direct material. All other materials are treated as indirect, and thus part of manufacturing overhead. There are 19,700 grams of sand in one finished goods unit (case). but not all sand purchased makes it into the finished product. Waste and scrap in the normal manufacturing process results in approximately 4% of the and purchased being lost Sand is purchased by the metric ton (one million grans). The cost from Sharpe's main supplier is 99.15 per metric ton, shipped locally at a cost to Shurpe of $18.25 per metric ton. Direct labor Fach case is expected to require 0.26 direct labor hours 10 complete. This amount comes ECLES 13:52 0.0157 Mt sand. Hence the standard of rectand for 4540 cases comes to 89.435 MTS 4540*0.0107 Standard cost of sand=89438*(1.250.151450-60 5 Actual and purchased 94MT A4% normal loss and used 90.96 = 90.34 MT 2. Direct labour As per standard 0.26 hours of tubour required for each come and DOS hrs of set up time. Hence standard time for 4540 cases comes to 14074 hours (4540*0.30 1550h Actual labour cost=31200 $ Standard cost of labor 1704 17403652062577 Manufacturing the actual hours 1550 Actual overheads 37500 Overhead we comes to 37500/15002419 per hour tad veed420000235500 Budged hous3550040425 225 per hour Calculation of cost arons A marcas de Sidst actuele actualty) 19.438 18.250.151-90 242766) 2450 50-249604 65.44 Merge variances (Sady - chaty 24 10.438-90.24 27UC) Materace varias Styx Sed price actual price=0.436274-2760 23:47U Calculation of Labour costariances Al Labour Cost arances And we actual cu 2002.77.31200 157423) Labour Rate variances Actus Sode) 1550 (2005-2011 1435 e Labour Ency variances Actualidactus 21.05" (14074-1550 3000 23 U Cation of overtred Vurances Al Owed cost actual overhead 35500-37500 2000 Dubad rates Acha Storyachtcovery 15012522-241515F Actual direct labor costs were $31,200, and actual direct labor hours were 1,550. Actual overhead costs were $37,500 INSTRUCTIONS 1. Complete the Standard Cost Worksheet in the Standard Cost hold how to at least two decimal places, opt mettons per a which must be show decimal places 2. Complete the Standard Contincome Statement in the area 3. Prepare, inste Word document, a brief memodering which was you sont functionare most curious about, and why, who would you comfort about the ances Your solution should use formules and cell references intended as where possible For instance, each tabs are to show your work, and you should neforms to workout standard quantitie, price variances, etc, then references to put there required schedule. Besides forcing good practice, this will make your work subject to error Load both completed fles into Carves by 00 PM on April 26 1"-Note on decimal plans and why so many of the readed for standards for Instance, your standard quantity was 28,700 grams of sand punk of the good as you standard quantity would be 28.700 grams divided by one more permetton, 0.025 Sanand Excel Assignment - Standard Costs Name: Access ID: You work in the corporate controller's office for Sharpe Glassworks, Inc. Sharpe manufactures 12 ounce beer bottles for smaller breweries who lack the scale or vertical integration to make their own. The bottles are sold to brewers by the case, at prices generally ranging between $25 and $28 per case, and there are 100 bottles to a case. You must enter your Accessit in cell B5. The facts of this case will not appear until you do. INSTRUCTIONS 1. Complete the Standard Cost Worksheet in the "Standard Costs" tab. All items should be shown to at least two decimal places, except metric tons per case, which must be shown to at least four decimal places. 2. Complete the Standard Cost Income Statement in the "January Review" tab. 3. Prepare, in a separate Word document, a brief memo describing which variances you, in a controlling function, are most curious about, and why. Who would you contact for explanations about those variances. Your solution should use formulas and cell references instead of keyed in values where possible. For instance, each tab has an area to show your work, and you should use formulas to work out standard quantities, price variances, etc., then cell references to pull those results into the required schedule. Besides reinforcing good practices, this will make your work easier and less subject to error Load both completed files into Canvas by 8:00 PM on April 26. - Note on decimal places (and why so many of them are needed for standard quantities). If, for instance, your standard quantity was 28,700 grams of sand per unit of finished goods, then your standard quantity would be 28,700 grams divided by one million grams per metric ton, or 0.0287 metric tons.) Sharpe Glassworks, Inc. Standard Cost Worksheet Standard Price Standard Cost Manufacturi Standard Quantity Direct materials metric tons Direct labor hours Manufacturing overhead hours Total Supporting calculations: Sharpe Glassworks, Inc. Income Statement ran DITERNAL TISE ONLY Sharpe Glassworks, Inc. Income Statement *FOR INTERNAL USE ONLY Sales revenue $ Cost of goods sold (at standard) Standard gross profit Variances Materials price Materials quantity Labor price Labor quantity Manufacturing overhead Total variance Gross profit (actual) Supporting calculations: ACC 3020 - Winter 2021 Excel Assignment - Standard Costs Name: Access ID: You work in the corporate controller's office for Sharpe Glassworks, Inc. Sharpe manufactures 12 ounce beer bottles for smaller breweries who lack the scale or vertical integration to make their own. The bottles are sold to brewers by the case, at prices generally ranging between $25 and $28 per case, and there are 100 bottles to a case, You must enter your Accessit in cell BS The facts of this case will not appear until you do. INSTRUCTIONS 1. Complete the Standard Cost Worksheet in the Standard Costs tab. All items should be shown to at least two decimal places, except metric tons per case, which must be shown to at least four decimal places. 2. Complete the Standard Cost Income Statement in the "January Review" tab. 3. Prepare, in a separate Word document, a brief memo describing which variances you, in a controlling function, are most curious about, and why. Who would you contact for explanations about those variances, Your solution should use formulas and cell references instead of keyed in values where possible. For instance, each tab has an area to show your work, and you should use formulas to work out standard quantities, price variances, etc., then cell references to pull those results into the required schedule. Besides reinforcing good practices, this will make your work easier and less subject to error. Load both completed files into Canvas by 8:00 PM on April 26. ["- Note on decimal places (and why so many of them are needed for standard quantities). If, for instance, your standard quantity was 28,700 grams of sand per unit of finished goods, then your standard quantity would be 28,700 grams divided by one million grams per metric ton, or 0.0287 metric tons.] Pa Sharpe Glassworks, Inc. Standard Cost Worksheet Standard Price Standard Cost Manufacturi Standard Quantity Direct materials metric tons Direct labor hours Manufacturing overhead hours Total Supporting calculations: Sharpe Glassworks, Inc. Income Statement FOR INTERNAL USE ONLY Sharpe Glassworks, Inc. Income Statement *FOR INTERNAL USE ONLY* Sales revenue $ Cost of goods sold (at standard) Standard gross profit Variances Materials price Materials quantity Labor price Labor quantity Manufacturing overhead Total variance Gross profit (actual) Supporting calculations: The bwwwwww 26 STANDARD COSTING Deretter semper batan de All what the che son is by www This from pop th Suppo directly Puri (Masalataragamalar even the soul ber. The whole 2012, LANCARY 222 RESULTS 202.12 ril kaalai cul direct een 1391 tulad 537.300 Share Glassworks, Inc. Income Statement "FOR INTERNAL USE ONLY Sales revenue 5 Cost of goods sold tot standard Standard gross profil Variance Materials price Material quant Labor Laborat Manufacturing overhead Totalwariance Gross profit del Supporting 1 Direct materials 1 1.13:52quires 0.0197 MT sand. Hence the standard requie of direct sand for 4540 cases comes to 89.438 MT sand. (4540*0.0197) Standard cost of sand = 89.438 (18.25 + 9.15) = 2450.60 $ Actual sand purchased = 94 MT After 4% normal loss sand utilised = 94.0.96 = 90.24 MT 2. Direct labour As per standard 0.26 hours of labour required for each case and 0.05 hrs of set up time. Hence standard time for 4540 cases comes to 1407.4 hours ( 4540' 0.31) Actual hrs = 1550 hrs Actual labour cost = 31200 $ Standard cost of labor = 1470.4 hrs x ( 17.40+ 3.65) = 29625.775 3. Manufacturing overhead Actual hours = 1550 Actual overhead = $37500 Actual overhead rate comes to = 37500/1550 = 24,19 $ per hour Budgeted overhead = 426000/12 = 35500 Budgeted hours = 35500/1407.4=25.22 $ per hour. 2. Calculation of material cost variances A) material cost variance (Std rate x std qty) - (actual rate x actual qty) (89.438. (18.25+9.15) - (90.24.27.66) = 2450.60-2496.04 = 45.44 U B) Material usage variances Std ratex (Std aty - actual aty) = 27.4 (89.438-90.24) 21.97 UC) Material price variances STd aty X ( Std price - actual price) = 89.438 ( 27.4-27.56) 23.47 U 3 ) Calculation of Labour cost variances A) Labour Cost variances Std hrs x std rate - actual hrs x actual rate = 29625.77-31200 1574.23 U B) labour Rate variances Actual hrs x (Std rate - actual rate) 1550 (21.05-20.13) = 1426F C) Labour Efficiency variances Actual rate x (Std hrs-actual hrs) 21.05 (1407.4-1550) = 3000.23 U 4) Calculation of overhead Variances A) Overhead cost variances Std overhead - actual overhead = 35500-37500 = 2000 U B) Overhead rate variances Actual hrs x (Std recovery rate - actual recovery rate) 1550 (25.22-24.15) = 1596.5 F C) overhead efficiency variances Std recovery rate per hour x Std hrs-actual hrs) = 25.22 (1407.44-1550) = 3596.37 U 4) Statement showing calculation of Sharpes Income statement Particulars Amount (5) Amount (5) Sales Revenue 121700 Less Cost of goods sold at Sad 1. Direct Materials 2450.60 2. Direct labour 29625.77 3 Manufacturing overhead 35500 6757637 Standard Gross Profit 34123.63 Variances Material usage variance -21.97 Material price variance -23:47 Labour Price Variance +1426 Labour Efficiency Variance -3000 23 Overhead Rate variance +15963 Overhead Usage Variance -3596.37 -3619.54 Normal losses of Sand ((94* 4%MT.27.665) -104.09 Gross profit actual 50400,00 1 2. INSTRUCTIONS 3 1. Complete the Standard Cost Worksheet in the "Standard Costs" tab. All items should be shown 4 to at least two decimal places, except metric tons per case, which must be shown to at least four 5 decimal places. 62. Complete the Standard Cost Income Statement in the "January Review" tab. 73. Prepare, in a separate Word document, a brief memo describing which variances you, in a 8 controlling function are most curious about, and why. Who would you contact for explanations 9 about those variances. 0 1 Your solution should use formulas and cell references instead of keyed in values where possible. -2 For instance, each tab has an area to show your work, and you should use formulas to work out -3 standard quantities, price variances, etc., then cell references to pull those results into the 54 required schedule. Besides reinforcing good practices, this will make your work easier and less 55 subject to error. 56 57 Load both completed files into Canvas by 8:00 PM on April 26. 58 59 - Note on decimal places (and why so many of them are needed for standard quantities). If, for 60 instance, your standard quantity was 28,700 grams of sand per unit of finished goods, then your 61 standard quantity would be 28,700 grams divided by one million grams per metric ton, or 0.0287 62 metric tons.] 63 64 65 66 67 68 69 Instructions Standard Costs January Review READY O C 6 H D Sharpe Glassworks, Inc. Standard Cost Worksheet 2 3 Manufacturing Cost Element 5 Direct materials Standard Price Standard Cost x Standard Quantity metric tons = hours hours 7 Direct labor 8 9 Manufacturing overhead 10 11 Total 12 13 14 15 Supporting calculations: 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 39 34 F H S B C D E 1 Sharpe Glassworks, Inc. 2 Income Statement 3 "FOR INTERNAL USE ONLY 4 5 Sales revenue 6 Cost of goods sold (at standard) 7 Standard gross profit 8 Variances 9 Materials price 10 Materials quantity 11 Labor price 12 Labor quantity 13 Manufacturing overhead 14 Total variance 15 Gross profit (actual 16 17 18 19 Supporting calculations: 20 21 22 23 24 25 26 27 28 29 30 31 32 33 This Assignment needs to be done in Excel ONLY. Please show supporting calculations @ c a a - The bwwwwww 26 STANDARD COSTING Deretter semper batan de All what the che son is by www This from pop th Suppo directly Puri (Masalataragamalar even the soul ber. The whole 2012, LANCARY 222 RESULTS 202.12 ril kaalai cul direct een 1391 tulad 537.300 Share Glassworks, Inc. Income Statement "FOR INTERNAL USE ONLY Sales revenue 5 Cost of goods sold tot standard Standard gross profil Variance Materials price Material quant Labor Laborat Manufacturing overhead Totalwariance Gross profit del Supporting 1 Direct materials 1 1.13:52quires 0.0197 MT sand. Hence the standard requie of direct sand for 4540 cases comes to 89.438 MT sand. (4540*0.0197) Standard cost of sand = 89.438 (18.25 + 9.15) = 2450.60 $ Actual sand purchased = 94 MT After 4% normal loss sand utilised = 94.0.96 = 90.24 MT 2. Direct labour As per standard 0.26 hours of labour required for each case and 0.05 hrs of set up time. Hence standard time for 4540 cases comes to 1407.4 hours ( 4540' 0.31) Actual hrs = 1550 hrs Actual labour cost = 31200 $ Standard cost of labor = 1470.4 hrs x ( 17.40+ 3.65) = 29625.775 3. Manufacturing overhead Actual hours = 1550 Actual overhead = $37500 Actual overhead rate comes to = 37500/1550 = 24,19 $ per hour Budgeted overhead = 426000/12 = 35500 Budgeted hours = 35500/1407.4=25.22 $ per hour. 2. Calculation of material cost variances A) material cost variance (Std rate x std qty) - (actual rate x actual qty) (89.438. (18.25+9.15) - (90.24.27.66) = 2450.60-2496.04 = 45.44 U B) Material usage variances Std ratex (Std aty - actual aty) = 27.4 (89.438-90.24) 21.97 UC) Material price variances STd aty X ( Std price - actual price) = 89.438 ( 27.4-27.56) 23.47 U 3 ) Calculation of Labour cost variances A) Labour Cost variances Std hrs x std rate - actual hrs x actual rate = 29625.77-31200 1574.23 U B) labour Rate variances Actual hrs x (Std rate - actual rate) 1550 (21.05-20.13) = 1426F C) Labour Efficiency variances Actual rate x (Std hrs-actual hrs) 21.05 (1407.4-1550) = 3000.23 U 4) Calculation of overhead Variances A) Overhead cost variances Std overhead - actual overhead = 35500-37500 = 2000 U B) Overhead rate variances Actual hrs x (Std recovery rate - actual recovery rate) 1550 (25.22-24.15) = 1596.5 F C) overhead efficiency variances Std recovery rate per hour x Std hrs-actual hrs) = 25.22 (1407.44-1550) = 3596.37 U 4) Statement showing calculation of Sharpes Income statement Particulars Amount (5) Amount (5) Sales Revenue 121700 Less Cost of goods sold at Sad 1. Direct Materials 2450.60 2. Direct labour 29625.77 3 Manufacturing overhead 35500 6757637 Standard Gross Profit 34123.63 Variances Material usage variance -21.97 Material price variance -23:47 Labour Price Variance +1426 Labour Efficiency Variance -3000 23 Overhead Rate variance +15963 Overhead Usage Variance -3596.37 -3619.54 Normal losses of Sand ((94* 4%MT.27.665) -104.09 Gross profit actual 50400,00 Direct labor Each case is expected to require 0.26 direct labor bours to complete. This amount comes from process analysis at Sharpe, and does not include setup and down time, which are expected to average 0.05 hours per case. Sharpe pays its direct laborers an hourly wage of $17.40. Payroll taxes and benefits average 53.65 per direct labor hour. Manufacturing overhead Sharpe uses a traditional costing system and allocates overhead on the basis of standard direct labor hours. There are $426,000 of overhead costs expected in 2022, and 2022 unit pales are budgeted at 47,000 cases JANUARY 2022 RESULTS In January, 2022, sales were 5121,700 on 4,540 units sold 94 metric tons of sand were purchased and used at a total cos, including shipping, of $2,600 Actual direct labor costs were $31,200, and actual direct To own. The bottles are sold to brewers by the case, at prices generally ranging between S25 and 528 per case, and there are 100 bottles to a case STANDARD COSTING Direct materials Sand makes up about 85% of the weight of the finished product, and is the only material treated as a direct material. All other materials are treated as indirect, and thus part of manufacturing overhead. There are 19,700 grams of sand in one finished goods unit (case). but not all sand purchased makes it into the finished product. Waste and scrap in the normal manufacturing process results in approximately 4% of the and purchased being lost Sand is purchased by the metric ton (one million grans). The cost from Sharpe's main supplier is 99.15 per metric ton, shipped locally at a cost to Shurpe of $18.25 per metric ton. Direct labor Fach case is expected to require 0.26 direct labor hours 10 complete. This amount comes ECLES 13:52 0.0157 Mt sand. Hence the standard of rectand for 4540 cases comes to 89.435 MTS 4540*0.0107 Standard cost of sand=89438*(1.250.151450-60 5 Actual and purchased 94MT A4% normal loss and used 90.96 = 90.34 MT 2. Direct labour As per standard 0.26 hours of tubour required for each come and DOS hrs of set up time. Hence standard time for 4540 cases comes to 14074 hours (4540*0.30 1550h Actual labour cost=31200 $ Standard cost of labor 1704 17403652062577 Manufacturing the actual hours 1550 Actual overheads 37500 Overhead we comes to 37500/15002419 per hour tad veed420000235500 Budged hous3550040425 225 per hour Calculation of cost arons A marcas de Sidst actuele actualty) 19.438 18.250.151-90 242766) 2450 50-249604 65.44 Merge variances (Sady - chaty 24 10.438-90.24 27UC) Materace varias Styx Sed price actual price=0.436274-2760 23:47U Calculation of Labour costariances Al Labour Cost arances And we actual cu 2002.77.31200 157423) Labour Rate variances Actus Sode) 1550 (2005-2011 1435 e Labour Ency variances Actualidactus 21.05" (14074-1550 3000 23 U Cation of overtred Vurances Al Owed cost actual overhead 35500-37500 2000 Dubad rates Acha Storyachtcovery 15012522-241515F Actual direct labor costs were $31,200, and actual direct labor hours were 1,550. Actual overhead costs were $37,500 INSTRUCTIONS 1. Complete the Standard Cost Worksheet in the Standard Cost hold how to at least two decimal places, opt mettons per a which must be show decimal places 2. Complete the Standard Contincome Statement in the area 3. Prepare, inste Word document, a brief memodering which was you sont functionare most curious about, and why, who would you comfort about the ances Your solution should use formules and cell references intended as where possible For instance, each tabs are to show your work, and you should neforms to workout standard quantitie, price variances, etc, then references to put there required schedule. Besides forcing good practice, this will make your work subject to error Load both completed fles into Carves by 00 PM on April 26 1"-Note on decimal plans and why so many of the readed for standards for Instance, your standard quantity was 28,700 grams of sand punk of the good as you standard quantity would be 28.700 grams divided by one more permetton, 0.025 Sanand Excel Assignment - Standard Costs Name: Access ID: You work in the corporate controller's office for Sharpe Glassworks, Inc. Sharpe manufactures 12 ounce beer bottles for smaller breweries who lack the scale or vertical integration to make their own. The bottles are sold to brewers by the case, at prices generally ranging between $25 and $28 per case, and there are 100 bottles to a case. You must enter your Accessit in cell B5. The facts of this case will not appear until you do. INSTRUCTIONS 1. Complete the Standard Cost Worksheet in the "Standard Costs" tab. All items should be shown to at least two decimal places, except metric tons per case, which must be shown to at least four decimal places. 2. Complete the Standard Cost Income Statement in the "January Review" tab. 3. Prepare, in a separate Word document, a brief memo describing which variances you, in a controlling function, are most curious about, and why. Who would you contact for explanations about those variances. Your solution should use formulas and cell references instead of keyed in values where possible. For instance, each tab has an area to show your work, and you should use formulas to work out standard quantities, price variances, etc., then cell references to pull those results into the required schedule. Besides reinforcing good practices, this will make your work easier and less subject to error Load both completed files into Canvas by 8:00 PM on April 26. - Note on decimal places (and why so many of them are needed for standard quantities). If, for instance, your standard quantity was 28,700 grams of sand per unit of finished goods, then your standard quantity would be 28,700 grams divided by one million grams per metric ton, or 0.0287 metric tons.) Sharpe Glassworks, Inc. Standard Cost Worksheet Standard Price Standard Cost Manufacturi Standard Quantity Direct materials metric tons Direct labor hours Manufacturing overhead hours Total Supporting calculations: Sharpe Glassworks, Inc. Income Statement ran DITERNAL TISE ONLY Sharpe Glassworks, Inc. Income Statement *FOR INTERNAL USE ONLY Sales revenue $ Cost of goods sold (at standard) Standard gross profit Variances Materials price Materials quantity Labor price Labor quantity Manufacturing overhead Total variance Gross profit (actual) Supporting calculations: ACC 3020 - Winter 2021 Excel Assignment - Standard Costs Name: Access ID: You work in the corporate controller's office for Sharpe Glassworks, Inc. Sharpe manufactures 12 ounce beer bottles for smaller breweries who lack the scale or vertical integration to make their own. The bottles are sold to brewers by the case, at prices generally ranging between $25 and $28 per case, and there are 100 bottles to a case, You must enter your Accessit in cell BS The facts of this case will not appear until you do. INSTRUCTIONS 1. Complete the Standard Cost Worksheet in the Standard Costs tab. All items should be shown to at least two decimal places, except metric tons per case, which must be shown to at least four decimal places. 2. Complete the Standard Cost Income Statement in the "January Review" tab. 3. Prepare, in a separate Word document, a brief memo describing which variances you, in a controlling function, are most curious about, and why. Who would you contact for explanations about those variances, Your solution should use formulas and cell references instead of keyed in values where possible. For instance, each tab has an area to show your work, and you should use formulas to work out standard quantities, price variances, etc., then cell references to pull those results into the required schedule. Besides reinforcing good practices, this will make your work easier and less subject to error. Load both completed files into Canvas by 8:00 PM on April 26. ["- Note on decimal places (and why so many of them are needed for standard quantities). If, for instance, your standard quantity was 28,700 grams of sand per unit of finished goods, then your standard quantity would be 28,700 grams divided by one million grams per metric ton, or 0.0287 metric tons.] Pa Sharpe Glassworks, Inc. Standard Cost Worksheet Standard Price Standard Cost Manufacturi Standard Quantity Direct materials metric tons Direct labor hours Manufacturing overhead hours Total Supporting calculations: Sharpe Glassworks, Inc. Income Statement FOR INTERNAL USE ONLY Sharpe Glassworks, Inc. Income Statement *FOR INTERNAL USE ONLY* Sales revenue $ Cost of goods sold (at standard) Standard gross profit Variances Materials price Materials quantity Labor price Labor quantity Manufacturing overhead Total variance Gross profit (actual) Supporting calculations