Using Excel to Determine Overhead Variances Student Work Area PROBLEM Required: Provide input into cells shaded in yellow in this template. Use cell references to the Problem area with mathematical formulas 5 In October, Pine Company was determining its overhead variance. Its 5 predetermined overhead rate is based on direct labor hours. The 7 following information was provided. in the input cells. In the last input field, input an IF function with cell references to your work area. $ 118,000 21,000 Manufacturing overhead costs incurred Actual direct labor hours Compute the amount of the total overhead variance and designate if the variance is favorable or unfavorable using Excel's IF function. Standard hours allowed for work done 20,600 2 Predetermined overhead rate 6.00 3 Actual overhead 4 Overhead applied 5 Total overhead variance 6 7 Nature of variance 8 9

Using Excel to Determine Overhead Variances Student Work Area PROBLEM Required: Provide input into cells shaded in yellow in this template. Use cell references to the Problem area with mathematical formulas 5 In October, Pine Company was determining its overhead variance. Its 5 predetermined overhead rate is based on direct labor hours. The 7 following information was provided. in the input cells. In the last input field, input an IF function with cell references to your work area. $ 118,000 21,000 Manufacturing overhead costs incurred Actual direct labor hours Compute the amount of the total overhead variance and designate if the variance is favorable or unfavorable using Excel's IF function. Standard hours allowed for work done 20,600 2 Predetermined overhead rate 6.00 3 Actual overhead 4 Overhead applied 5 Total overhead variance 6 7 Nature of variance 8 9

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Description: DFGH1 Function: IF; Formula: Subtract, Multiply; CelI Referencing3 Using Excel to Determine Overhead VariancesStudent Work Area4PROBLEMRequired: Provide input into cells shaded in yellow in this template.Use cell references to the Problem area with

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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The following information is available for Baxter Manufacturing for April: Actual machine hours 840 Standard machine hours allowed 900 Denominator activity (machine hours) 1,000 Actual fixed overhead costs $ 3,800 Budgeted fixed overhead costs $ 4,000 Predetermined overhead rate ($1 variable + $4 fixed) $ 5 What is the production volume variance? Multiple Choice $300. $400. $240. $200.
Norman is calculating the company's total overhead variance for April. He knows the company paid $14,280 in overhead costs and that the production department produced 3,600 units for a total of 4,800 hours. He also knows that the company has a predetermined overhead rate of $3.00 per labor hour. What else does Norman need to know to complete his calculation? A Overhead fixed costs. B Budgeted overhead costs. C Standard hours allowed. D Overhead variable costs.
Please help me step by step with how to get numbers. Also if using excel please take out the formula in leave the numbers, last time you left formula instead and I could not check to see if I was right. Direct Labor Variances Alpine Bicycle Company manufactures road bikes. The following data for September of the current year are available: Quantity of direct labor used 790 hrs. Actual rate for direct labor $13.4 per hr. Bicycles completed in September 370 Standard direct labor per bicycle 2 hrs. Standard rate for direct labor $13.7 per hr. a. Determine the direct labor rate variance and direct labor time variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Rate variance $ Time variance $ Total direct labor cost variance $ b. How much direct labor should be debited to Work in Process?$ Liz C
Direct Materials and Direct Labor Variance Analysis Abbeville Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 40 employees. Each employee presently provides 32 hours of labor per week. Information about a production week is as follows: Standard wage per hr. $10.80 Standard labor time per faucet 10 min. Standard number of lb. of brass 1.30 lb. Standard price per lb. of brass $9.75 Actual price per lb. of brass $10.00 Actual lb. of brass used during the week 11,600 lb. Number of faucets produced during the week 8,700 Actual wage per hr. $11.10 Actual hrs. per week 1,280 hrs. Required: a. Determine the standard cost per faucet for direct materials and direct labor. Round the cost per unit to two decimal places. b. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus…
Coe Parts applies fixed overhead at the rate of $6.82 per unit. Budgeted fixed overhead was $198,600. This month 28,240 units were produced, and actual fixed overhead was $193,490. Required: a. What are the fixed overhead price and production volume variances for Coe Parts? b. What was budgeted production for the month? Complete this question by entering your answers in the tabs below. Required A Required B Jhm What are the fixed over ad price and production volume variances for Coe Parts? Note: Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Do not round your intermediate calculations. Round your final answers to the nearest dollar. Fixed overhead price variance Fixed overhead production volume variance Required A Required B >
eBook Direct Materials and Direct Labor Variance Analysis Faucet Industries Inc. manufactures faucets in a small manufacturing facility. The faucets are made from zinc. Faucet Industries has 50 employees. Each employee presently provides 36 hours of labor per week. Information about a production week is as follows: Standard wage per hour $12.60 Standard labor time per faucet 10 min. Standard number of lbs. of zinc 2 lbs. Standard price per lb. of zinc $10.25 Actual price per lb. of zinc $10.50 Actual lbs. of zinc used during the week 14,200 lbs. Number of faucets produced during the week 6,900 Actual wage per hour $13.00 Actual hours per week 1,800 hrs. Required: a. Determine the standard cost per faucet for direct materials and direct labor. Do not round intermediate calculations and round your answers to the nearest cent. Direct materials standard cost per faucet $fill in the blank 1 Direct labor standard cost per faucet fill in the blank 2…
Heidelberg Fabrication manufactures two products, G-09 and G-35: Units produced Direct materials cost per unit Machine-hours per unit Production runs per quarter G-09 19,400 $7 4 144 Machine depreciation Setup labor Materials handling Total Production at the plant is automated and any labor cost is included in overhead. Data on manufacturing overhead at the plant follow: G-35 3,880 $ 19 7 72 $184,760 52,380 41,904 $ 199,044 Required: a. Heidelberg currently applies overhead on the basis of machine-hours. What is the predetermined overhead rate for the quarter? Note: Round your answer to 2 decimal places. b. Heidelberg is thinking of adopting an ABC system. They have tentatively chosen the following cost drivers: machine-hours for machine depreciation, production runs for setup labor, and direct material dollars for materials handling. Compute the cost driver rates for the proposed system at Heidelberg.
Please answer parts 5-8 according to the images attached below. Highland Company produces a lightweight backpack that is popular with college students. Standard variable costs relating to a single backpack are given below: Standard Quantity or Hours Standard Price or Rate Standard Cost Direct materials ? $ 5.00 per yard $ ? Direct labor ? ? ? Variable manufacturing overhead ? $ 2 per direct labor-hour ? Total standard cost per unit $ ? Overhead is applied to production on the basis of direct labor-hours. During March, 780 backpacks were manufactured and sold. Selected information relating to the month’s production is given below: Materials Used Direct Labor Variable Manufacturing Overhead Total standard cost allowed* $ 15,600 $ 13,104 $ 2,496 Actual costs incurred $ 13,112 ? $ 5,491 Materials price variance ? Materials quantity variance $ 790 U Labor rate variance ? Labor efficiency variance ? Variable…
The manager of the main laboratory facility at UrbanFit Center is interested in being able to predict the overhead costs each month for the lab. The manager believes that total overhead varies with the number of lab tests performed I that some costs remain the same each month regardless of the number of lab tests performed. The lab manager collected the following data for the first seven months of the year. (Click the icon to view the data.) Use the high-low method to determine the laboratory's cost equation for total laboratory overhead. Use your results to predict total laboratory overhead if 3,500 lab tests are performed next month. Let's begin by determining the formula that is used to calculate the variable cost (slope). Data table Variable cost (slope) Number of Lab Month Tests Performed Total Laboratory Overhead Costs January 2,800 $21,500 February 2,600 $22,700 March 3,100 $27,900 April.... 3,550 $31,400 May 3,700 $28,500 June.. 1,200 $19,500 July 1,400 $14,500 Print Done X
Direct Materials and Direct Labor Variance Analysis Abbeville Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 50 employees. Each employee presently provides 36 hours of labor per week. Information about a production week is as follows: Standard wage per hr. $13.80 Standard labor time per faucet 15 min. Standard number of lb. of brass 1.80 lb. Standard price per lb. of brass $10.00 Actual price per lb. of brass $10.25 Actual lb. of brass used during the week 12,800 lb. Number of faucets produced during the week 6,900 Actual wage per hr. $14.20 Actual hrs. per week 1,800 hrs. Required: a. Determine the standard cost per faucet for direct materials and direct labor. Round the cost per unit to two decimal places. Direct materials standard cost per unit $ Direct labor standard cost per unit $ Total standard cost per unit $ b. Determine the direct materials price variance, direct…
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