Requirement 1 Requirement 2 Chapter 10: Applying Excel Data Exhibit 10-1: Standard Cost Card Direct materials Direct labor Variable manufacturing overhead Actual results: Actual output Actual variable manufacturing overhead cost Actual direct materials cost Actual direct labor cost Inputs 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 Actual Hours of Input, at Standard Rate Standard Hours Allowed for the Actual Output, at Standard Rate Variable overhead variances: Variable overhead rate variance 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 2,000 units $7,140 Actual Quantity 6,500 pounds 1,050 hours ? pounds x ? pounds x ? pounds x ? ? ? ? hours x ? hours x ? hours * ? ? ? ? hours x ? hours x ? hours x ? ? ? Standard Price $4.00 per pound $22.00 per hour $6.00 per hour Actual price $3.80 per pound $21.60 per hour ? per pound= ? per pound = ? per pound= ? per hour = ? per hour = ? per hour = ? per hour = ? per hour = ? per hour = ? ? ? ? ? ? ? ? ?
Requirement 1 Requirement 2 Chapter 10: Applying Excel Data Exhibit 10-1: Standard Cost Card Direct materials Direct labor Variable manufacturing overhead Actual results: Actual output Actual variable manufacturing overhead cost Actual direct materials cost Actual direct labor cost Inputs 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 Actual Hours of Input, at Standard Rate Standard Hours Allowed for the Actual Output, at Standard Rate Variable overhead variances: Variable overhead rate variance 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 2,000 units $7,140 Actual Quantity 6,500 pounds 1,050 hours ? pounds x ? pounds x ? pounds x ? ? ? ? hours x ? hours x ? hours * ? ? ? ? hours x ? hours x ? hours x ? ? ? Standard Price $4.00 per pound $22.00 per hour $6.00 per hour Actual price $3.80 per pound $21.60 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
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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.
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Transcribed Image Text:Requirement 1 Requirement 2
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
2,000 units
$7,140
Actual Quantity
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
Variable overhead efficiency variance
Variable overhead spending variance
6,500 pounds
1,050 hours
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? pounds x
? pounds x
?
?
?
? hours x
? hours x
? hours x
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? hours x
? hours x
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Standard Price
$4.00 per pound
$22.00 per hour
$6.00 per hour
Actual price
$3.80 per pound
$21.60 per hour
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? per hour =
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