ACTG 4B Project 3 - Valeria Munoz

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Merced College *

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Economics

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Feb 20, 2024

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xlsx

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Uploaded by estradavaleria123

Team Project #3 (20 points) Directions: Each team will be required to bake a batch of brownies. The object of the project is costs versus a set of standard costs that I developed. Each team will be required to purchase a list you must purchase the exact same quantity of materials as the standards set below. For example, a 24 oz. bottle. The team needs to record how long it takes to make the brownies (from the time y last batch is taken out of the oven). We will only measure the direct materials and direct labor va cost information on the respective spreadsheets for direct materials and direct labor. You will be price and quantity variances for direct materials and the rate and efficiency variance for direct lab zero variances--in fact variances are encouraged! Carefully read the directions on each spreadshe Canvas by midnight on the due date. The ingredients and recipe are listed below: Ingredients Ingredient and quantity Standard price Pre-packaged brownie mix $2.99 for 18 oz. box Vegetable oil $3.49 for 24 oz. vegetable oil bottle Eggs $1.49 for half dozen container Total cost $7.97

to measure your batch of brownies’ actual t of ingredients to make the brownies. Note: , when buying vegetable oil, you need to buy your start to combine the ingredients until the ariances. You will be required to enter the required to input formulas to calculate the bor. The purpose of the project is not to have eet. You will submit the finished project via

Price Standard Cost Actual Cost Ingredient Total Cost Total Cost Brownies mix (18 oz.) $ 2.99 $ 2.67 Vegetable oil (24 oz.) $ 3.49 $ 3.24 Eggs (half-dozen) $ 1.49 $ 1.42 Total Cost/Batch $ 7.97 Total Cost/Batch $ 7.33 Quantity would be if you spilled some of the ingredients. Make the number is somewhere between .90 and 1.20 ( Standard Quantity 1 Actual Quantity 1.07 Direct Materials Variances Actual Quantity of Actual Quantity of Inputs, Stan Inputs, at Actual Price at Standard Price for O $ 7.84 $ 8.53 Price Variance Quantity Variance $ (0.68) $ 0.56 Favorable Total Variance Unfavorable $ (0.13) Favorable Note: You will have to make up an arbitrary amount for the quantity, since the only way there would be a Note: Insert formulas in the highlighted cells with formula in them. Make sure you indicate whether or no Craig: Add Price Varian (note that if one other I unfavora

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(excluding 1.00) = % over or under standard quantity of materials (for example 1.15 means you used 15% more materials than the standard) ndard Quantity Allowed utput, at Standard Price $ 7.97 a quantity variance ot the variances are favorable or unfavorable. nce with Quantity Variance e variance is favorable and the able, you will subtract)

Rate Make the number somewhere between $.40 and $.75 (excluding $.50). Standard Rate/Minute $0.50 Actual Rate/Minute $ 0.63 Efficiency until the brownies were taken out of the oven. Standard Minutes Allowed 45 minutes Actual Minutes 37 Per Batch Per Batch Direct Labor Variances Actual Minutes of Actual Minutes of Inputs, Standar Inputs, at Actual Rate at Standard Rate for Outpu $ 23.31 $ 18.50 Rate Variance Efficiency Variance $ 4.81 $ (4.00) Unfavorable Total Variance Favorable $ 0.81 Unfavorable Note : The rate is quoted per minute of labor. Please make up an arbitrary labor rate per minute for your team a Note: Enter the actual number of minutes your team took to make all the brownies from the time you started put Note: Insert formulas in the highlighted cells with formula in them. Make sure you indicate whether or not the va

minutes rd Minutes Allowed ut, at Standard Rate $ 22.50 and enter it in the highlighted cell. tting the ingredients together ariances are favorable or unfavorable.

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