Looking at the excel worksheet please answers these three fallowing questions:B-1. What is the labor efficiency variance?Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).The amount of the labor efficiency variance ? Uc-1. What is the variable overhead efficiency variance?Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).The amount of the variable overhead efficiency variance Uc-2. What is the variable overhead rate variance?Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).The amount of the variable overhead rate variance U # Chapter 10: Applying Excel## Exhibit 10-1: Standard Cost Card### Inputs| Input Type | Standard Quantity | Standard Price ||-------------------------------|-------------------|------------------------|| Direct materials | 3.0 pounds | $4.00 per pound || Direct labor | 0.50 hours | $22.00 per hour || Variable manufacturing overhead| 0.50 hours | $6.00 per hour |### Actual Results- **Actual output**: 2,030 units- **Actual variable manufacturing overhead cost**: $6,975- **Actual direct materials cost**: 6,585 pounds at $4.20 per pound- **Actual direct labor cost**: 1,125 hours at $22.10 per hour## Analysis Example: Chapter 10### Answers- a1: $940.00- a2: $1,171.00- b1: - b2: -$112.50- c1: - c2: ## Exhibit 10-4: Standard Cost Variance Analysis - Direct Materials1. **Standard Quantity Allowed for the Actual Output, at Standard Price**: - 6,300 pounds × $4.00 per pound = $25,2002. **Actual Quantity of Input, at Standard Price**: - 6,585 pounds × $4.00 per pound = $26,3403. **Actual Quantity of Input, at Actual Price**: - 6,585 pounds × $4.10 per pound = $26,035#### Direct materials variances:- **Materials quantity variance**: -$1,200 U- **Materials price variance**: -$305 U- **Materials spending variance**: -$1,505 U## Exhibit 10-5: Standard Cost Variance Analysis - Direct Labor1. **Standard Hours Allowed for the Actual Output, at Standard Rate**: - 1,050 hours × $22.00 per hour = $23,1002. **Actual Hours of Input, at Standard Rate**: - 1,125 hours × $22.00 per hour = $24,7503. **Actual Hours of Input, at Actual Rate**: - 1,125

Variance is the difference in the value of budgeted quantity. and the actual cost\quantity. Direct…

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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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Looking at the excel worksheet please answers these three fallowing questions: B-1. What is the labor efficiency variance? Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). The amount of the labor efficiency variance ? U c-1. What is the variable overhead efficiency variance? Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). The amount of the variable overhead efficiency variance U c-2. What is the variable overhead rate variance? Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). The amount of the variable overhead rate variance U