Chapter 10: Applying Excel Data Exhibit 10-1: Standard Cost Card Direct materials Direct labor Variable manufacturing overhead Inputs Actual results: Actual output Actual variable manufacturing overhead cost Actual direct materials cost Actual direct labor cost Enter a formula into each of the cells marked with a ? below Main Example: Chapter 10 Exhibit 10-4: Standard Cost Variance Analysis-Direct Materials Actual Quantity of Input, at Actual Price Actual Quantity of Input, at Standard Price Standard Quantity Allowed for the Actual Output, at Standard Price Direct materials variances: Materials price variance Materials quantity variance Materials spending variance Exhibit 10-6: Standard Cost Variance Analysis-Direct Labor Actual Hours of Input, at Actual Rate Actual Hours of Input, at Standard Rate Standard Hours Allowed for the Actual Output, at Standard Rate Direct labor variances: Labor rate variance Labor efficiency variance Labor spending variance Standard Quantity 3.0 pounds 0.50 hours 0.50 hours Variable overhead efficiency variance Variable overhead spending variance Exhibit 10-8: Standard Cost Variance Analysis-Variable Manufacturing Overhead Actual Hours of Input, at Actual Rate Actual Hours of Input, at Standard Rate Standard Hours Allowed for the Actual Output, at Standard Rate Variable overhead variances: Variable overhead rate variance 2,100 units $5,100 Actual Quantity 6,350 pounds 1,020 hours ? pounds > ? pounds x ? pounds x ? ? ? ? hours * ? hours x ? hours x ? ? ? ? hours * ? hours x ? hours x ? ? ? Standard Price $4.00 per pound $22.00 per hour $6.00 per hour Actual price $4.10 per pound $22.10 per hour ? per pound = ? per pound = ? per pound = ? per hour = ? per hour = ? per hour = ? per hour = ? per hour = ? per hour = ? ? ? ? ? ? ? ? ?
Chapter 10: Applying Excel Data Exhibit 10-1: Standard Cost Card Direct materials Direct labor Variable manufacturing overhead Inputs Actual results: Actual output Actual variable manufacturing overhead cost Actual direct materials cost Actual direct labor cost Enter a formula into each of the cells marked with a ? below Main Example: Chapter 10 Exhibit 10-4: Standard Cost Variance Analysis-Direct Materials Actual Quantity of Input, at Actual Price Actual Quantity of Input, at Standard Price Standard Quantity Allowed for the Actual Output, at Standard Price Direct materials variances: Materials price variance Materials quantity variance Materials spending variance Exhibit 10-6: Standard Cost Variance Analysis-Direct Labor Actual Hours of Input, at Actual Rate Actual Hours of Input, at Standard Rate Standard Hours Allowed for the Actual Output, at Standard Rate Direct labor variances: Labor rate variance Labor efficiency variance Labor spending variance Standard Quantity 3.0 pounds 0.50 hours 0.50 hours Variable overhead efficiency variance Variable overhead spending variance Exhibit 10-8: Standard Cost Variance Analysis-Variable Manufacturing Overhead Actual Hours of Input, at Actual Rate Actual Hours of Input, at Standard Rate Standard Hours Allowed for the Actual Output, at Standard Rate Variable overhead variances: Variable overhead rate variance 2,100 units $5,100 Actual Quantity 6,350 pounds 1,020 hours ? pounds > ? pounds x ? pounds x ? ? ? ? hours * ? hours x ? hours x ? ? ? ? hours * ? hours x ? hours x ? ? ? Standard Price $4.00 per pound $22.00 per hour $6.00 per hour Actual price $4.10 per pound $22.10 per hour ? per pound = ? per pound = ? per pound = ? per hour = ? per hour = ? per hour = ? per hour = ? per hour = ? per hour = ? ? ? ? ? ? ? ? ?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
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.
Topic Video
Question
Filling in the spaces that have a “?”
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education