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A Excel Assignment #11-Variance Analysis Practice Exercise PZBR Co manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Standard Quantity 6 Direct materials (clay) 1.6 pounds Standard Price (Rate) $1.70 per pound Standard Unit Cost $2.72 7 Direct labor 1.6 hours $14.00 per hour 22.4 Variable manufacturing overhead (based 8 on direct labor hours) 1.6 hours $1.20 per hour 1.92 Fixed manufacturing overhead 9 ($312,500.00+125,000.00 units) 10 11 PZBR Co had the following actual results last year: 12 13 Number of units produced and sold 130,000 14 Number of pounds of clay purchased and used 228,200 15 Cost of clay $ 365,120 16 Number of labor hours worked 175,000 17 Direct labor cost $ 2,975,000 18 Variable overhead cost $ 250,000 19 Fixed overhead cost $ 330,000 20 21 Price Variance (aka Rate Variance or Spending Variance) 22 (AP-SP) AQ 23 AP Actual Price for one unit of input (e.g. one pound of material, one hour of labor, etc.) 24 SP Standard Price for one unit of input (e.g. one pound of material, one hour of labor, etc.) 25 AQ-Actual quantity of those inputs (e.g. pounds of materials or hours of labor) needed to produce the number of 26 27 Quantity Variance (aka Efficiency Variance or Usage Variance) 28 AQ-SQ) SP 29 AQ Actual quantity of those inputs (e.g. pounds of materials or hours of labor) needed to produce the number of 30 SQ Standard expected quantity of those inputs (e.g. pounds of materials or hours of labor) needed to produce the 31 SP Standard Price for one unit of input (e.g. one pound of material, one hour of labor, etc.) 32 2.5

A Excel Assignment #11-Variance Analysis Practice Exercise PZBR Co manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Standard Quantity 6 Direct materials (clay) 1.6 pounds Standard Price (Rate) $1.70 per pound Standard Unit Cost $2.72 7 Direct labor 1.6 hours $14.00 per hour 22.4 Variable manufacturing overhead (based 8 on direct labor hours) 1.6 hours $1.20 per hour 1.92 Fixed manufacturing overhead 9 ($312,500.00+125,000.00 units) 10 11 PZBR Co had the following actual results last year: 12 13 Number of units produced and sold 130,000 14 Number of pounds of clay purchased and used 228,200 15 Cost of clay $ 365,120 16 Number of labor hours worked 175,000 17 Direct labor cost $ 2,975,000 18 Variable overhead cost $ 250,000 19 Fixed overhead cost $ 330,000 20 21 Price Variance (aka Rate Variance or Spending Variance) 22 (AP-SP) AQ 23 AP Actual Price for one unit of input (e.g. one pound of material, one hour of labor, etc.) 24 SP Standard Price for one unit of input (e.g. one pound of material, one hour of labor, etc.) 25 AQ-Actual quantity of those inputs (e.g. pounds of materials or hours of labor) needed to produce the number of 26 27 Quantity Variance (aka Efficiency Variance or Usage Variance) 28 AQ-SQ) SP 29 AQ Actual quantity of those inputs (e.g. pounds of materials or hours of labor) needed to produce the number of 30 SQ Standard expected quantity of those inputs (e.g. pounds of materials or hours of labor) needed to produce the 31 SP Standard Price for one unit of input (e.g. one pound of material, one hour of labor, etc.) 32 2.5

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter10: Standard Costing And Variance Analysis
Section: Chapter Questions
Problem 21BEA
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A Excel Assignment #11-Variance Analysis Practice Exercise PZBR Co manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Standard Quantity 6 Direct materials (clay) 1.6 pounds Standard Price (Rate) $1.70 per pound Standard Unit Cost $2.72 7 Direct labor 1.6 hours $14.00 per hour 22.4 Variable manufacturing overhead (based 8 on direct labor hours) 1.6 hours $1.20 per hour 1.92 Fixed manufacturing overhead 9 ($312,500.00+125,000.00 units) 10 11 PZBR Co had the following actual results last year: 12 13 Number of units produced and sold 130,000 14 Number of pounds of clay purchased and used 228,200 15 Cost of clay $ 365,120 16 Number of labor hours worked 175,000 17 Direct labor cost $ 2,975,000 18 Variable overhead cost $ 250,000 19 Fixed overhead cost $ 330,000 20 21 Price Variance (aka Rate Variance or Spending Variance) 22 (AP-SP) AQ 23 AP Actual Price for one unit of input (e.g. one pound of material, one hour of labor, etc.) 24 SP Standard Price for one unit of input (e.g. one pound of material, one hour of labor, etc.) 25 AQ-Actual quantity of those inputs (e.g. pounds of materials or hours of labor) needed to produce the number of 26 27 Quantity Variance (aka Efficiency Variance or Usage Variance) 28 AQ-SQ) SP 29 AQ Actual quantity of those inputs (e.g. pounds of materials or hours of labor) needed to produce the number of 30 SQ Standard expected quantity of those inputs (e.g. pounds of materials or hours of labor) needed to produce the 31 SP Standard Price for one unit of input (e.g. one pound of material, one hour of labor, etc.) 32 2.5
Transcribed Image Text:A Excel Assignment #11-Variance Analysis Practice Exercise PZBR Co manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Standard Quantity 6 Direct materials (clay) 1.6 pounds Standard Price (Rate) $1.70 per pound Standard Unit Cost $2.72 7 Direct labor 1.6 hours $14.00 per hour 22.4 Variable manufacturing overhead (based 8 on direct labor hours) 1.6 hours $1.20 per hour 1.92 Fixed manufacturing overhead 9 ($312,500.00+125,000.00 units) 10 11 PZBR Co had the following actual results last year: 12 13 Number of units produced and sold 130,000 14 Number of pounds of clay purchased and used 228,200 15 Cost of clay $ 365,120 16 Number of labor hours worked 175,000 17 Direct labor cost $ 2,975,000 18 Variable overhead cost $ 250,000 19 Fixed overhead cost $ 330,000 20 21 Price Variance (aka Rate Variance or Spending Variance) 22 (AP-SP) AQ 23 AP Actual Price for one unit of input (e.g. one pound of material, one hour of labor, etc.) 24 SP Standard Price for one unit of input (e.g. one pound of material, one hour of labor, etc.) 25 AQ-Actual quantity of those inputs (e.g. pounds of materials or hours of labor) needed to produce the number of 26 27 Quantity Variance (aka Efficiency Variance or Usage Variance) 28 AQ-SQ) SP 29 AQ Actual quantity of those inputs (e.g. pounds of materials or hours of labor) needed to produce the number of 30 SQ Standard expected quantity of those inputs (e.g. pounds of materials or hours of labor) needed to produce the 31 SP Standard Price for one unit of input (e.g. one pound of material, one hour of labor, etc.) 32 2.5
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