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1 2 6 Actual 7 Direct labor: 8 Standard Standards for one of Patterson, Incorporated's products is shown below, along with actual cost data for the month: 3 4 Direct materials: 5 Standard 9 Actual Lo Variable overhead: 1 Standard 2 Actual 3 Total cost per unit 4 Excess of actual cost over standard cost per unit C 9 Required: 20 Using formulas, compute the following. Input all numbers as positive amounts. 1 (Hint: This can be done using the ABS function). 2 2.4 yards @ 3.0 yards @ 0.6 hours @ 0.5 hours @ D 0.6 hours @ 0.5 hours @ E $2.75 per yard $2.70 per yard $18.00 per hour $22.00 per hour $7.00 per hour $7.10 per hour $6.60 10.80 4.20 $21.60 5 6 Actual production for the month 13,500 units 7 Variable overhead is assigned to products based on direct labor hours. There was no beginning or ending inventory of materials for the month. -8 $8.10 11.00 3.55 $22.65 $1.05 H 1 23 (Use cells A5 to G14 and cell B16 from the given information, as well as cells A27 to D62 to complete this question. All formulas must return positive values. For each variance, 24 select either "Favorable" or "Unfavorable".) J

1 2 6 Actual 7 Direct labor: 8 Standard Standards for one of Patterson, Incorporated's products is shown below, along with actual cost data for the month: 3 4 Direct materials: 5 Standard 9 Actual Lo Variable overhead: 1 Standard 2 Actual 3 Total cost per unit 4 Excess of actual cost over standard cost per unit C 9 Required: 20 Using formulas, compute the following. Input all numbers as positive amounts. 1 (Hint: This can be done using the ABS function). 2 2.4 yards @ 3.0 yards @ 0.6 hours @ 0.5 hours @ D 0.6 hours @ 0.5 hours @ E $2.75 per yard $2.70 per yard $18.00 per hour $22.00 per hour $7.00 per hour $7.10 per hour $6.60 10.80 4.20 $21.60 5 6 Actual production for the month 13,500 units 7 Variable overhead is assigned to products based on direct labor hours. There was no beginning or ending inventory of materials for the month. -8 $8.10 11.00 3.55 $22.65 $1.05 H 1 23 (Use cells A5 to G14 and cell B16 from the given information, as well as cells A27 to D62 to complete this question. All formulas must return positive values. For each variance, 24 select either "Favorable" or "Unfavorable".) J

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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I need help figuring out the Materials piece on the second half of this excel sheet. 

6 Actual 7 Direct labor: 8 Standard A 9 Actual 10 Variable overhead: 11 Standard B 1 2 Standards for one of Patterson, Incorporated's products is shown below, along with actual cost data for the month: 3 4 Direct materials: 5 Standard 12 Actual 13 Total cost per unit 14 Excess of actual cost over standard cost per unit С 19 Required: 20 Using formulas, compute the following. Input all numbers as positive amounts. 21 (Hint: This can be done using the ABS function). 22 2.4 yards @ 3.0 yards @ 0.6 hours @ 0.5 hours @ D 0.6 hours @ 0.5 hours @ E $2.75 per yard $2.70 per yard $18.00 per hour $22.00 per hour $7.00 per hour $7.10 per hour F $6.60 10.80 4.20 $21.60 15 16 Actual production for the month 13,500 units 17 variable overhead is assigned to products based on direct labor hours. There was no beginning or ending inventory of materials for the month. 18 G $8.10 11.00 3.55 $22.65 $1.05 H I 23 (Use cells A5 to G14 and cell B16 from the given information, as well as cells A27 to D62 to complete this question. All formulas must return positive values. For each variance, 24 select either "Favorable" or "Unfavorable".)
Transcribed Image Text:6 Actual 7 Direct labor: 8 Standard A 9 Actual 10 Variable overhead: 11 Standard B 1 2 Standards for one of Patterson, Incorporated's products is shown below, along with actual cost data for the month: 3 4 Direct materials: 5 Standard 12 Actual 13 Total cost per unit 14 Excess of actual cost over standard cost per unit С 19 Required: 20 Using formulas, compute the following. Input all numbers as positive amounts. 21 (Hint: This can be done using the ABS function). 22 2.4 yards @ 3.0 yards @ 0.6 hours @ 0.5 hours @ D 0.6 hours @ 0.5 hours @ E $2.75 per yard $2.70 per yard $18.00 per hour $22.00 per hour $7.00 per hour $7.10 per hour F $6.60 10.80 4.20 $21.60 15 16 Actual production for the month 13,500 units 17 variable overhead is assigned to products based on direct labor hours. There was no beginning or ending inventory of materials for the month. 18 G $8.10 11.00 3.55 $22.65 $1.05 H I 23 (Use cells A5 to G14 and cell B16 from the given information, as well as cells A27 to D62 to complete this question. All formulas must return positive values. For each variance, 24 select either "Favorable" or "Unfavorable".)
F27 A B D 17 variable overnead is assigned to products based on direct labor nours. There was no beginning or ending inventory of materials for the month. 18 19 Required: 20 Using formulas, compute the following. Input all numbers as positive amounts. 21 (Hint: This can be done using the ABS function). 22 26 Standard Cost Variance Analysis - Direct Materials 27 Standard Quantity Allowed for Actual Output at Standard Price 28 23 (Use cells A5 to G14 and cell B16 from the given information, as well as cells A27 to D62 to complete this question. All formulas must return positive values. For each variance, 24 select either "Favorable" or "Unfavorable".) 25 Actual Quantity of Input, at Standard Price 29 Actual Quantity of Input, at Actual Price 30 31 Materials quantity variance 32 Materials price variance 33 34 Standard Cost Variance Analysis-Direct Labor 35 36 37 38 39 40 41 Standard Hours Allowed for Actual Output at Standard Rate 46 47 48 Actual Hours of Input, at Standard Rate Actual Hours of Input, at Actual Rate Labor efficiency variance Labor rate variance 42 Standard Cost Variance Analysis - Variable Manufacturing Overhead 43 Standard Hours Allowed for Actual Output at Standard Rate 44 45 Actual Hours of Input, at Standard Rate Actual Hours of Input, at Actual Rate variable overhead efficiency variance Variable overhead rate variance 52 Materials: 53 Quantity variance 54 Price variance 55 Labor: 56 Efficiency variance $89,100 $111,375 $109,350 57 Rate variance 58 Variable overhead: 59 Efficiency variance 60 Rate variance 61 62 Excess of actual over standard cost per unit 63 $22,275 Unfavorable $2,025 Favorable $145,800 $121,500 $148,500 $24,300 Favorable $27,000 Unfavorable $56,700 $47,250 $47,925 49 50 Using formulas, compute the amount of the unit cost difference that is traceable to each of the variances computed above. 51 $9,450 Favorable $675 Unfavorable Unfavorable H Favorable I J K L M
Transcribed Image Text:F27 A B D 17 variable overnead is assigned to products based on direct labor nours. There was no beginning or ending inventory of materials for the month. 18 19 Required: 20 Using formulas, compute the following. Input all numbers as positive amounts. 21 (Hint: This can be done using the ABS function). 22 26 Standard Cost Variance Analysis - Direct Materials 27 Standard Quantity Allowed for Actual Output at Standard Price 28 23 (Use cells A5 to G14 and cell B16 from the given information, as well as cells A27 to D62 to complete this question. All formulas must return positive values. For each variance, 24 select either "Favorable" or "Unfavorable".) 25 Actual Quantity of Input, at Standard Price 29 Actual Quantity of Input, at Actual Price 30 31 Materials quantity variance 32 Materials price variance 33 34 Standard Cost Variance Analysis-Direct Labor 35 36 37 38 39 40 41 Standard Hours Allowed for Actual Output at Standard Rate 46 47 48 Actual Hours of Input, at Standard Rate Actual Hours of Input, at Actual Rate Labor efficiency variance Labor rate variance 42 Standard Cost Variance Analysis - Variable Manufacturing Overhead 43 Standard Hours Allowed for Actual Output at Standard Rate 44 45 Actual Hours of Input, at Standard Rate Actual Hours of Input, at Actual Rate variable overhead efficiency variance Variable overhead rate variance 52 Materials: 53 Quantity variance 54 Price variance 55 Labor: 56 Efficiency variance $89,100 $111,375 $109,350 57 Rate variance 58 Variable overhead: 59 Efficiency variance 60 Rate variance 61 62 Excess of actual over standard cost per unit 63 $22,275 Unfavorable $2,025 Favorable $145,800 $121,500 $148,500 $24,300 Favorable $27,000 Unfavorable $56,700 $47,250 $47,925 49 50 Using formulas, compute the amount of the unit cost difference that is traceable to each of the variances computed above. 51 $9,450 Favorable $675 Unfavorable Unfavorable H Favorable I J K L M
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