1 ! 20 points Required Information LAB 2-1 (LO 2-7) Alternate: Diagnostic Analytics: Computing Variances and Using Conditional Formatting [The following information applies to the questions displayed below.] Lab Insight: Apply the same general steps as Lab 2-1 to Alt Lab 2-1, but now calculate the direct labor variance. The template exists in Lab 2-1 Data.xlsx to assist you in your analysis. Open Excel file Lab 2-1 Data.xlsx. Karina will make 4,000 jackets with standard quantity of leather per jacket of 120.03 square inches of material @$0.25/square inch. The actual quantity of leather per jacket for those 4,000 jackets produced was 122.53 square inches of material @0.24/square inch. The standard labor to produce each jacket is one hour for each jacket with a cost of $16.50/hour. The actual labor used to produce each jacket was 1.06 hours at $16/hour. Required: 1. Using performance standards for the labor utilized in the manufacture of jackets, calculate the direct labor variances, including rate and efficiency variances. 2. Use conditional formatting to identify favorable and unfavorable variances. Data: Lab 2-1 Data.xlsx Perform the Analysis: Refer to Lab 2-1 in the text for lab instruction steps. Lab 2-1 Alternate: Assessment Questions Answer the following questions based the details provided. Note: Enter negative variances as a negative number. Answer will display in parentheses. Question Answer is not complete. 1. What is the dollar amount of the total direct labor variance? (Round to 2 decimal places.) 2. What is the dollar amount of the labor rate variance? (Round to 2 decimal places.) 3. Leaving all other variables the same, if the standard rate for one hour were $17/hour, the labor rate variance would have been a favorable variance for how much? (Round to 2 decimal places.) 4. What color is the labor rate variance? 5. What color is the total direct labor variance? green red Answer
1 ! 20 points Required Information LAB 2-1 (LO 2-7) Alternate: Diagnostic Analytics: Computing Variances and Using Conditional Formatting [The following information applies to the questions displayed below.] Lab Insight: Apply the same general steps as Lab 2-1 to Alt Lab 2-1, but now calculate the direct labor variance. The template exists in Lab 2-1 Data.xlsx to assist you in your analysis. Open Excel file Lab 2-1 Data.xlsx. Karina will make 4,000 jackets with standard quantity of leather per jacket of 120.03 square inches of material @$0.25/square inch. The actual quantity of leather per jacket for those 4,000 jackets produced was 122.53 square inches of material @0.24/square inch. The standard labor to produce each jacket is one hour for each jacket with a cost of $16.50/hour. The actual labor used to produce each jacket was 1.06 hours at $16/hour. Required: 1. Using performance standards for the labor utilized in the manufacture of jackets, calculate the direct labor variances, including rate and efficiency variances. 2. Use conditional formatting to identify favorable and unfavorable variances. Data: Lab 2-1 Data.xlsx Perform the Analysis: Refer to Lab 2-1 in the text for lab instruction steps. Lab 2-1 Alternate: Assessment Questions Answer the following questions based the details provided. Note: Enter negative variances as a negative number. Answer will display in parentheses. Question Answer is not complete. 1. What is the dollar amount of the total direct labor variance? (Round to 2 decimal places.) 2. What is the dollar amount of the labor rate variance? (Round to 2 decimal places.) 3. Leaving all other variables the same, if the standard rate for one hour were $17/hour, the labor rate variance would have been a favorable variance for how much? (Round to 2 decimal places.) 4. What color is the labor rate variance? 5. What color is the total direct labor variance? green red Answer
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter24: Material And Labor Variances (primevar)
Section: Chapter Questions
Problem 5R: Close the PRIMEVAR4 file and open PRIMEVAR3. Click the Chart sheet tab. On the screen is a graphical...
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Question
![1
!
20
points
Required Information
LAB 2-1 (LO 2-7) Alternate: Diagnostic Analytics: Computing Variances and Using Conditional Formatting
[The following information applies to the questions displayed below.]
Lab Insight: Apply the same general steps as Lab 2-1 to Alt Lab 2-1, but now calculate the direct labor variance. The
template exists in Lab 2-1 Data.xlsx to assist you in your analysis. Open Excel file Lab 2-1 Data.xlsx.
Karina will make 4,000 jackets with standard quantity of leather per jacket of 120.03 square inches of material
@$0.25/square inch. The actual quantity of leather per jacket for those 4,000 jackets produced was 122.53 square inches
of material @0.24/square inch. The standard labor to produce each jacket is one hour for each jacket with a cost of
$16.50/hour. The actual labor used to produce each jacket was 1.06 hours at $16/hour.
Required:
1. Using performance standards for the labor utilized in the manufacture of jackets, calculate the direct labor variances,
including rate and efficiency variances.
2. Use conditional formatting to identify favorable and unfavorable variances.
Data: Lab 2-1 Data.xlsx
Perform the Analysis: Refer to Lab 2-1 in the text for lab instruction steps.
Lab 2-1 Alternate: Assessment Questions
Answer the following questions based the details provided.
Note: Enter negative variances as a negative number. Answer will display in parentheses.
Question
Answer is not complete.
1. What is the dollar amount of the total direct labor variance? (Round to 2 decimal places.)
2. What is the dollar amount of the labor rate variance? (Round to 2 decimal places.)
3. Leaving all other variables the same, if the standard rate for one hour were $17/hour, the labor rate variance
would have been a favorable variance for how much? (Round to 2 decimal places.)
4. What color is the labor rate variance?
5. What color is the total direct labor variance?
green
red
Answer](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdc53cd84-5b68-4d42-8e24-4147f5f5f073%2Fe2bc4b92-6b98-4920-9119-c693dd591677%2Fwz2abcd_processed.jpeg&w=3840&q=75)
Transcribed Image Text:1
!
20
points
Required Information
LAB 2-1 (LO 2-7) Alternate: Diagnostic Analytics: Computing Variances and Using Conditional Formatting
[The following information applies to the questions displayed below.]
Lab Insight: Apply the same general steps as Lab 2-1 to Alt Lab 2-1, but now calculate the direct labor variance. The
template exists in Lab 2-1 Data.xlsx to assist you in your analysis. Open Excel file Lab 2-1 Data.xlsx.
Karina will make 4,000 jackets with standard quantity of leather per jacket of 120.03 square inches of material
@$0.25/square inch. The actual quantity of leather per jacket for those 4,000 jackets produced was 122.53 square inches
of material @0.24/square inch. The standard labor to produce each jacket is one hour for each jacket with a cost of
$16.50/hour. The actual labor used to produce each jacket was 1.06 hours at $16/hour.
Required:
1. Using performance standards for the labor utilized in the manufacture of jackets, calculate the direct labor variances,
including rate and efficiency variances.
2. Use conditional formatting to identify favorable and unfavorable variances.
Data: Lab 2-1 Data.xlsx
Perform the Analysis: Refer to Lab 2-1 in the text for lab instruction steps.
Lab 2-1 Alternate: Assessment Questions
Answer the following questions based the details provided.
Note: Enter negative variances as a negative number. Answer will display in parentheses.
Question
Answer is not complete.
1. What is the dollar amount of the total direct labor variance? (Round to 2 decimal places.)
2. What is the dollar amount of the labor rate variance? (Round to 2 decimal places.)
3. Leaving all other variables the same, if the standard rate for one hour were $17/hour, the labor rate variance
would have been a favorable variance for how much? (Round to 2 decimal places.)
4. What color is the labor rate variance?
5. What color is the total direct labor variance?
green
red
Answer
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