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Data Exhibit 10-1: Standard Cost Card Standard Quantity 2.9 pounds Inputs Standard Price $4.00 per pound $22.00 per hour $6.00 per hour Direct materials Direct labor 0.60 hours Variable manufacturing overhead 0.60 hours Actual results: Actual output Actual variable manufacturing overhead cost 2,000 units $7,140 Actual Quantity 6,500 pounds 1,050 hours Actual price $3.80 per pound $21.60 per hour 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 Standard Quantity Allowed for the Actual Output, at Standard Price Actual Quantity of Input, at Standard Price Actual Quantity of Input, at Actual Price Direct materials variances: ? pounds × ? pounds x ? pounds x ? per pound = ? per pound = ? per pound = Materials quantity variance Materials price variance Materials spending variance ? Exhibit 10-6: Standard Cost Variance Analysis-Direct Labor Standard Hours Allowed for the Actual Output, at Standard Rate Actual Hours of Input, at Standard Rate Actual Hours of Input, at Actual Rate ? per hour = ? per hour = ? per hour = ? hours x ? hours x ? hours x Direct labor variances: Labor efficiency variance ? Labor rate variance ? Labor spending variance ? Exhibit 10-8: Standard Cost Variance Analysis- Variable Manufacturing Overhead Standard Hours Allowed for the Actual Output, at Standard Rate Actual Hours of Input, at Standard Rate ? per hour = ? per hour = ? per hour = ? hours x ? hours x Actual Hours of Input, at Actual Rate Variable overhead variances: ? hours x Variable overhead efficiency variance ? Variable overhead rate variance ?

Data Exhibit 10-1: Standard Cost Card Standard Quantity 2.9 pounds Inputs Standard Price $4.00 per pound $22.00 per hour $6.00 per hour Direct materials Direct labor 0.60 hours Variable manufacturing overhead 0.60 hours Actual results: Actual output Actual variable manufacturing overhead cost 2,000 units $7,140 Actual Quantity 6,500 pounds 1,050 hours Actual price $3.80 per pound $21.60 per hour 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 Standard Quantity Allowed for the Actual Output, at Standard Price Actual Quantity of Input, at Standard Price Actual Quantity of Input, at Actual Price Direct materials variances: ? pounds × ? pounds x ? pounds x ? per pound = ? per pound = ? per pound = Materials quantity variance Materials price variance Materials spending variance ? Exhibit 10-6: Standard Cost Variance Analysis-Direct Labor Standard Hours Allowed for the Actual Output, at Standard Rate Actual Hours of Input, at Standard Rate Actual Hours of Input, at Actual Rate ? per hour = ? per hour = ? per hour = ? hours x ? hours x ? hours x Direct labor variances: Labor efficiency variance ? Labor rate variance ? Labor spending variance ? Exhibit 10-8: Standard Cost Variance Analysis- Variable Manufacturing Overhead Standard Hours Allowed for the Actual Output, at Standard Rate Actual Hours of Input, at Standard Rate ? per hour = ? per hour = ? per hour = ? hours x ? hours x Actual Hours of Input, at Actual Rate Variable overhead variances: ? hours x Variable overhead efficiency variance ? Variable overhead rate variance ?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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A1 fr Chapter 10: Applying Excel A В D E F 1 Chapter 10: Applying Excel 3 Data 4 Exhibit 10-1: Standard Cost Card Standard Quantity 2.9 pounds 5 Inputs Standard Price 6 Direct materials 7 Direct labor 8 Variable manufacturing overhead $4.00 per pound $22.00 per hour $6.00 per hour 0.60 hours 0.60 hours 9. 10 Actual results: Actual output Actual variable manufacturing overhead cost 13 2,000 units $7,140 Actual Quantity 6,500 pounds 11 12 Actual price $3.80 per pound $21.60 per hour 14 Actual direct materials cost 15 Actual direct labor cost 1,050 hours 16 17 Enter a formula into each of the cells marked with a ? below 18 Main Example: Chapter 10 19 20 Exhibit 10-4: Standard Cost Variance Analysis- Direct Materials 21 Standard Quantity Allowed for the Actual Output, at Standard Price 22 Actual Quantity of Input, at Standard Price 23 Actual Quantity of Input, at Actual Price 24 Direct materials variances: ? pounds x ? pounds x ? pounds x ? per pound = ? per pound = ? per pound = 25 Materials quantity variance Materials price variance Materials spending variance 26 ? 27 28 29 Exhibit 10-6: Standard Cost Variance Analysis- Direct Labor ? hours x ? hours x ? hours x ? per hour = ? per hour = ? per hour = 30 Standard Hours Allowed for the Actual Output, at Standard Rate 31 Actual Hours of Input, at Standard Rate 32 Actual Hours of Input, at Actual Rate 33 Direct labor variances: 34 Labor efficiency variance Labor rate variance ? 35 ? 36 Labor spending variance 37 38 Exhibit 10-8: Standard Cost Variance Analysis- Variable Manufacturing Overhead ? hours x ? hours x ? hours x ? per hour = ? per hour = ? per hour = 39 Standard Hours Allowed for the Actual Output, at Standard Rate 40 Actual Hours of Input, at Standard Rate 41 Actual Hours of Input, at Actual Rate 42 Variable overhead variances: 43 Variable overhead efficiency variance ? 44 Variable overhead rate variance ?
Transcribed Image Text:A1 fr Chapter 10: Applying Excel A В D E F 1 Chapter 10: Applying Excel 3 Data 4 Exhibit 10-1: Standard Cost Card Standard Quantity 2.9 pounds 5 Inputs Standard Price 6 Direct materials 7 Direct labor 8 Variable manufacturing overhead $4.00 per pound $22.00 per hour $6.00 per hour 0.60 hours 0.60 hours 9. 10 Actual results: Actual output Actual variable manufacturing overhead cost 13 2,000 units $7,140 Actual Quantity 6,500 pounds 11 12 Actual price $3.80 per pound $21.60 per hour 14 Actual direct materials cost 15 Actual direct labor cost 1,050 hours 16 17 Enter a formula into each of the cells marked with a ? below 18 Main Example: Chapter 10 19 20 Exhibit 10-4: Standard Cost Variance Analysis- Direct Materials 21 Standard Quantity Allowed for the Actual Output, at Standard Price 22 Actual Quantity of Input, at Standard Price 23 Actual Quantity of Input, at Actual Price 24 Direct materials variances: ? pounds x ? pounds x ? pounds x ? per pound = ? per pound = ? per pound = 25 Materials quantity variance Materials price variance Materials spending variance 26 ? 27 28 29 Exhibit 10-6: Standard Cost Variance Analysis- Direct Labor ? hours x ? hours x ? hours x ? per hour = ? per hour = ? per hour = 30 Standard Hours Allowed for the Actual Output, at Standard Rate 31 Actual Hours of Input, at Standard Rate 32 Actual Hours of Input, at Actual Rate 33 Direct labor variances: 34 Labor efficiency variance Labor rate variance ? 35 ? 36 Labor spending variance 37 38 Exhibit 10-8: Standard Cost Variance Analysis- Variable Manufacturing Overhead ? hours x ? hours x ? hours x ? per hour = ? per hour = ? per hour = 39 Standard Hours Allowed for the Actual Output, at Standard Rate 40 Actual Hours of Input, at Standard Rate 41 Actual Hours of Input, at Actual Rate 42 Variable overhead variances: 43 Variable overhead efficiency variance ? 44 Variable overhead rate variance ?
For example, in cell D21 enter the formula “= D6". Notes: In the text, variances are always displayed as positive numbers. To accomplish this, you can use the ABS() function in Excel. For example, the formula in cell B25 would be "=ABS(F21-F22)". Cells C25 through C27, C34 through C36, and C43 through C45 already contain formulas to compute and display whether variances are Favorable or Unfavorable. Do not enter data or formulas into those cells-if you do, you will overwrite these formulas. After entering formulas in all of the cells that contained question marks, verify that the amounts match the numbers in the example in the text. Check your worksheet by changing the direct materials standard quantity in cell B6 to 2.9 pounds, the direct labor standard quantity in cell B7 to 0.6 hours, and the variable manufacturing overhead in cell B8 to 0.6 hours. The materials spending variance should now be $1,500 U, the labor spending variance should now be $3,720 F, and the variable overhead spending variance should now be $60 F. If you do not get these answers, find the errors in your worksheet and correct them.
Transcribed Image Text:For example, in cell D21 enter the formula “= D6". Notes: In the text, variances are always displayed as positive numbers. To accomplish this, you can use the ABS() function in Excel. For example, the formula in cell B25 would be "=ABS(F21-F22)". Cells C25 through C27, C34 through C36, and C43 through C45 already contain formulas to compute and display whether variances are Favorable or Unfavorable. Do not enter data or formulas into those cells-if you do, you will overwrite these formulas. After entering formulas in all of the cells that contained question marks, verify that the amounts match the numbers in the example in the text. Check your worksheet by changing the direct materials standard quantity in cell B6 to 2.9 pounds, the direct labor standard quantity in cell B7 to 0.6 hours, and the variable manufacturing overhead in cell B8 to 0.6 hours. The materials spending variance should now be $1,500 U, the labor spending variance should now be $3,720 F, and the variable overhead spending variance should now be $60 F. If you do not get these answers, find the errors in your worksheet and correct them.
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