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8 Materials price variance input Actual cost of material per pound (ounce, etc.) Standard cost of mat. per pound (ounce, etc.) $15.90 $16.00 6. 10 11 12 Materials quantity variance input Actual quantity of materials used Standard quantity of mat. used for actual output 39,500 38,000 13 14 15 16 Labor rate variance input Actual cost of labor per hour Standard cost of labor per hour $8.05 $8.00 17 18 19 20 Labor efficiency variance input 21 Actual quantity of hours incurred 44,000 45,600 22 Standard quantity of hours for actual output 23 24 25 Answer Section: 26 27 28 Material price variance 29 Material quantity variance 30 31 Total materials variance 32 Indicate F or U only FORMULA1 FORMULA8 FORMULA2 FORMULA9 FORMULA FORMULA10 33 Labor rate variance 34 Labor efficiency variance 35 36 Total labor variance 87 88 Total materials and labor variances 39 10 FORMULA4 FORMULA11 FORMULA5 FORMULA12 FORMULA FORMULA13 FORMULA7 =======

8 Materials price variance input Actual cost of material per pound (ounce, etc.) Standard cost of mat. per pound (ounce, etc.) $15.90 $16.00 6. 10 11 12 Materials quantity variance input Actual quantity of materials used Standard quantity of mat. used for actual output 39,500 38,000 13 14 15 16 Labor rate variance input Actual cost of labor per hour Standard cost of labor per hour $8.05 $8.00 17 18 19 20 Labor efficiency variance input 21 Actual quantity of hours incurred 44,000 45,600 22 Standard quantity of hours for actual output 23 24 25 Answer Section: 26 27 28 Material price variance 29 Material quantity variance 30 31 Total materials variance 32 Indicate F or U only FORMULA1 FORMULA8 FORMULA2 FORMULA9 FORMULA FORMULA10 33 Labor rate variance 34 Labor efficiency variance 35 36 Total labor variance 87 88 Total materials and labor variances 39 10 FORMULA4 FORMULA11 FORMULA5 FORMULA12 FORMULA FORMULA13 FORMULA7 =======

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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Hi Expert, i have attached an excel spreadsheet that i need help with. Where is says, "Formula.." please kindly indicate how you got the answer by submitting the answer and the formula used. 

i also don't understand what he meant by "indicate F or U only" mind telling me what he means? 

I appreciate your help thank you so much. God bless!

6 Data Section: 7. 8 Materials price variance input Actual cost of material per pound (ounce, etc.) Standard cost of mat. per pound (ounce, etc.) $15.90 $16.00 9. 10 11 12 Materials quantity variance input Actual quantity of materials used Standard quantity of mat. used for actual output 39,500 38,000 13 14 15 16 Labor rate variance input Actual cost of labor per hour Standard cost of labor per hour $8.05 $8.00 17 18 19 20 Labor efficiency variance input Actual quantity of hours incurred Standard quantity of hours for actual output 21 44,000 45,600 22 23 24 25 Answer Section: Indicate 26 F or U only 27 28 Material price variance 29 Material quantity variance FORMULA1 FORMULA8 FORMULA2 FORMULA9 30 31 Total materials variance FORMULA FORMULA10 32 33 Labor rate variance 34 Labor efficiency variance FORMULA4 FORMULA11 35 FORMULA5 FORMULA12 36 Total labor variance 37 FORMULA FORMULA13 38 Total materials and labor variances 39 FORMULA7 40
Transcribed Image Text:6 Data Section: 7. 8 Materials price variance input Actual cost of material per pound (ounce, etc.) Standard cost of mat. per pound (ounce, etc.) $15.90 $16.00 9. 10 11 12 Materials quantity variance input Actual quantity of materials used Standard quantity of mat. used for actual output 39,500 38,000 13 14 15 16 Labor rate variance input Actual cost of labor per hour Standard cost of labor per hour $8.05 $8.00 17 18 19 20 Labor efficiency variance input Actual quantity of hours incurred Standard quantity of hours for actual output 21 44,000 45,600 22 23 24 25 Answer Section: Indicate 26 F or U only 27 28 Material price variance 29 Material quantity variance FORMULA1 FORMULA8 FORMULA2 FORMULA9 30 31 Total materials variance FORMULA FORMULA10 32 33 Labor rate variance 34 Labor efficiency variance FORMULA4 FORMULA11 35 FORMULA5 FORMULA12 36 Total labor variance 37 FORMULA FORMULA13 38 Total materials and labor variances 39 FORMULA7 40
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