Please help me with the functions needed to populate the correct answers in the highlighted areas. Thank you! Accessibility tab summary: Financial information for Patterson Incorporated, is presented in cells A4 to G14 and rows 16 to 17. A statement of requirement is presented in rows 19 to 24. A table for Standard Cost Variance Analysis - Direct Materials for student presentation is presented in cells A26 to B29 and A31 to C32. A table for Standard Cost Variance Analysis - Variable Manufacturing Overhead for student presentation is presented in cells A43 to B45 and A47 to C48. A statement of requirement is presented in row 50. A table for student presentation is presented in cell A52 to E62. Standards for one of Patterson, Inc.'s products is shown below, along with actual cost data for the month: Direct materials: Standard 2.4 yards @ $2.75 per yard $6.60 Actual 3.0 yards @ $2.70 per yard $8.10 Direct labor: Standard 0.6 hours @ $18.00 per hour 10.80 Actual 0.5 hours @ $22.00 per hour 11.00 Variable overhead: Standard 0.6 hours @ $7.00 per hour 4.20 Actual 0.5 hours @ $7.10 per hour 3.55 Total cost per unit $21.60 $22.65 Excess of actual cost over standard cost per unit $1.05 Actual production for the month 13,500 units Variable overhead is assigned to products based on direct labor hours. There was no beginning or ending inventory of materials for the month. Required: Using formulas, compute the following. Input all numbers as positive amounts. (Hint: This can be done using the ABS function). (Use cells A5 to G16 from the given information to complete this question. All formulas must return positive values. For each variance, select either "Favorable" or "Unfavorable". Standard Cost Variance Analysis - Direct Materials Standard Quantity Allowed for Actual Output at Standard Price Actual Quantity of Input, at Standard Price Actual Quantity of Input, at Actual Price Materials quantity variance Materials price variance Standard Cost Variance Analysis - Direct Labor Standard Hours Allowed for Actual Output at Standard Rate Actual Hours of Input, at Standard Rate Actual Hours of Input, at Actual Rate Labor efficiency variance Labor rate variance Standard Cost Variance Analysis - Variable Manufacturing Overhead Standard Hours Allowed for Actual Output at Standard Rate Actual Hours of Input, at Standard Rate Actual Hours of Input, at Actual Rate Variable overhead efficiency variance Variable overhead rate variance Using formulas, compute the amount of the unit cost difference that is traceable to each of the variances computed above. Materials: Quantity variance Price variance Labor: Efficiency variance Rate variance Variable overhead: Efficiency variance Rate variance Excess of actual over standard cost per unit

Please help me with the functions needed to populate the correct answers in the highlighted areas. Thank you! Accessibility tab summary: Financial information for Patterson Incorporated, is presented in cells A4 to G14 and rows 16 to 17. A statement of requirement is presented in rows 19 to 24. A table for Standard Cost Variance Analysis - Direct Materials for student presentation is presented in cells A26 to B29 and A31 to C32. A table for Standard Cost Variance Analysis - Variable Manufacturing Overhead for student presentation is presented in cells A43 to B45 and A47 to C48. A statement of requirement is presented in row 50. A table for student presentation is presented in cell A52 to E62. Standards for one of Patterson, Inc.'s products is shown below, along with actual cost data for the month: Direct materials: Standard 2.4 yards @ $2.75 per yard $6.60 Actual 3.0 yards @ $2.70 per yard $8.10 Direct labor: Standard 0.6 hours @ $18.00 per hour 10.80 Actual 0.5 hours @ $22.00 per hour 11.00 Variable overhead: Standard 0.6 hours @ $7.00 per hour 4.20 Actual 0.5 hours @ $7.10 per hour 3.55 Total cost per unit $21.60 $22.65 Excess of actual cost over standard cost per unit $1.05 Actual production for the month 13,500 units Variable overhead is assigned to products based on direct labor hours. There was no beginning or ending inventory of materials for the month. Required: Using formulas, compute the following. Input all numbers as positive amounts. (Hint: This can be done using the ABS function). (Use cells A5 to G16 from the given information to complete this question. All formulas must return positive values. For each variance, select either "Favorable" or "Unfavorable". Standard Cost Variance Analysis - Direct Materials Standard Quantity Allowed for Actual Output at Standard Price Actual Quantity of Input, at Standard Price Actual Quantity of Input, at Actual Price Materials quantity variance Materials price variance Standard Cost Variance Analysis - Direct Labor Standard Hours Allowed for Actual Output at Standard Rate Actual Hours of Input, at Standard Rate Actual Hours of Input, at Actual Rate Labor efficiency variance Labor rate variance Standard Cost Variance Analysis - Variable Manufacturing Overhead Standard Hours Allowed for Actual Output at Standard Rate Actual Hours of Input, at Standard Rate Actual Hours of Input, at Actual Rate Variable overhead efficiency variance Variable overhead rate variance Using formulas, compute the amount of the unit cost difference that is traceable to each of the variances computed above. Materials: Quantity variance Price variance Labor: Efficiency variance Rate variance Variable overhead: Efficiency variance Rate variance Excess of actual over standard cost per unit

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Description: Please help me with the functions needed to populate the correct answers in the highlighted areas. Thank you! Accessibility tab summary: Financial information for Patterson Incorporated, is presented in cells A4 to G14 and rows 16 to 17. A statement

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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Please help me with the functions needed to populate the correct answers in the highlighted areas. Thank you!

Accessibility tab summary: Financial information for Patterson Incorporated, is presented in cells A4 to G14 and rows 16 to 17. A statement of requirement is presented in rows 19 to 24. A table for Standard Cost Variance Analysis - Direct Materials for student presentation is presented in cells A26 to B29 and A31 to C32. A table for Standard Cost Variance Analysis - Variable Manufacturing Overhead for student presentation is presented in cells A43 to B45 and A47 to C48. A statement of requirement is presented in row 50. A table for student presentation is presented in cell A52 to E62.
Standards for one of Patterson, Inc.'s products is shown below, along with actual cost data for the month:

Direct materials:
Standard	2.4	yards @	$2.75	per yard	$6.60
Actual	3.0	yards @	$2.70	per yard		$8.10
Direct labor:
Standard	0.6	hours @	$18.00	per hour	10.80
Actual	0.5	hours @	$22.00	per hour		11.00
Variable overhead:
Standard	0.6	hours @	$7.00	per hour	4.20
Actual	0.5	hours @	$7.10	per hour		3.55
Total cost per unit					$21.60	$22.65
Excess of actual cost over standard cost per unit						$1.05

Actual production for the month	13,500	units
Variable overhead is assigned to products based on direct labor hours. There was no beginning or ending inventory of materials for the month.

Required:
Using formulas, compute the following. Input all numbers as positive amounts.
(Hint: This can be done using the ABS function).

(Use cells A5 to G16 from the given information to complete this question. All formulas must return positive values. For each variance, select either "Favorable" or "Unfavorable".

Standard Cost Variance Analysis - Direct Materials
Standard Quantity Allowed for Actual Output at Standard Price
Actual Quantity of Input, at Standard Price
Actual Quantity of Input, at Actual Price

Materials quantity variance
Materials price variance

Standard Cost Variance Analysis - Direct Labor
Standard Hours Allowed for Actual Output at Standard Rate
Actual Hours of Input, at Standard Rate
Actual Hours of Input, at Actual Rate

Labor efficiency variance
Labor rate variance

Standard Cost Variance Analysis - Variable Manufacturing Overhead
Standard Hours Allowed for Actual Output at Standard Rate
Actual Hours of Input, at Standard Rate
Actual Hours of Input, at Actual Rate

Variable overhead efficiency variance
Variable overhead rate variance

Using formulas, compute the amount of the unit cost difference that is traceable to each of the variances computed above.

Materials:
Quantity variance
Price variance
Labor:
Efficiency variance
Rate variance
Variable overhead:
Efficiency variance
Rate variance

Excess of actual over standard cost per unit

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

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