A B 1 Function: IF; Subtract; Multiply; Cell Referencing 2 TEN 3 BE10.8-Using Excel to Calculate Direct Labor Variances 4 C Actual direct labor cost Budgeted direct labor cost Actual direct labor hours used Actual units produced and sold Units below budget for sales volume Budgeted direct labor hours per unit Budgeted direct labor rate per hour PROBLEM 5 Rob, the production manager, was pleased at the company's income 6 statement results, even though actual sales volume came in below 7 original projections. Information concerning the budgeted and 8 actual amounts for direct labor are provided here. 9 10 11 12 13 14 15 16 17 18 $ 55,000 $ 63,000 $ D 2,500 1,200 200 2 22.50 EFG H I $ J Calculate the company's DL price and DL efficiency variances. Actual 55,000 Student Work Area Required: Provide input into cells shaded in yellow in this template. Input the required mathematical formulas or functions with cell references to the Problem area or work area as indicated. Price Variance $ 1,250 FAVORABLE Unnamed $ 54,000 N $ ADVERSE P Efficiency Variance Flexible Budget $ 55,000 (2,250)

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Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance. 

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.