Excel Applications for Accounting Principles
4th Edition
ISBN: 9781111581565
Author: Gaylord N. Smith
Publisher: Cengage Learning
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Chapter 24, Problem 4R
The worksheet you have developed will handle most simple
Actual production for October was 11,500 units. Compute the direct materials and direct labor variances for Pscheidl, Inc. Be careful when entering your input because this problem presents the information in a different format from the McGrade Industries’ data. Save the file as PRIMEVAR4. Print the worksheet when done.
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Best, Inc. uses a standard cost system and provides the following information. (Click the icon to view the
information.) variable overhead, $3,800; actual fixed overhead, $3, 500; actual direct labor hours, 1,400.
Read the requirements. Data table Requirement 1. Compute the variable overhead cost and efficiency
variances and fixed overhead cost and volume variances. Begin with the variable overhead cost and
efficiency variances. Select the required formulas, compute the variable overhead cost and favorable (F) or
unfavorable (U). (Abbreviations used: AC = actual cost; AQ = actual quantity; FOH = fixed overhead;
SC = standardco \table [[,, Formula,Variance], [VOH cost variance, = , 1 = , ], [VOH efficiency variance, =,1 =, 0
You are provided with the following information. Please give me the answers in an excel format.
Please assist with requirements 1 and 2, providing explanations for each calculation in detail. Thanks!
Requirements
1. Compute the variable overhead cost and efficiency variances and fixed overhead cost and volume variances.
2. Explain why the variances are favorable or unfavorable.
Chapter 24 Solutions
Excel Applications for Accounting Principles
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- The president of McGrade Industries wants an analysis prepared to help explain why the variances computed in requirement 1 occurred. Using the worksheet called PRIMEVAR that follows these requirements, calculate the material and labor variances for McGrade Industries. The problem requires you to enter the input in the Data Section as well as formulas in the Answer Section.arrow_forwardClose the PRIMEVAR4 file and open PRIMEVAR3. Click the Chart sheet tab. On the screen is a graphical representation of the variances computed in requirement 3. Review the chart and answer the following questions: a. Which variances does each bar represent? A __________ B __________ C __________ D __________ b. Which of the variances shown would be of most concern to management for immediate attention? (Consider groups of variances and materiality also.) Explain. When the assignment is complete, close the file without saving it again. Worksheet. McGrade Industries also has the following information regarding overhead for October: actual overhead 375,000, standard variable overhead of 3 per direct labor hour, and standard fixed overhead of 5 per direct labor hour (based on 47,000 hours budgeted). Modify the PRIMEVAR3 worksheet to compute all appropriate overhead variances. Preview the printout to make sure that the worksheet will print neatly on one page, and then print the worksheet. Save the completed file as PRIMEVART. Hint: Insert several new rows in the Data Section and in the Answer Section. Chart. Using the PRIMEVAR3 file, prepare a 3-D stacked bar chart to compare total standard cost per unit with actual cost per unit. Complete the Chart Tickler Data Table and use it as a basis for preparing the chart. You do not need to use cell references when completing the table. Enter all appropriate titles, legends, and formats. Enter your name somewhere on the chart. Save the file again as PRIMEVAR3. Print the chart.arrow_forwardPlease answer complete question, with working,,,,, Please provide answer in text (Without image)arrow_forward
- Please assist. Phot 2 is the opened spreadsheet. Thank you!arrow_forwardPlease help me to answer the required 3. I also uploaded the example format that was given to me. Thank you so much.arrow_forwardA computer system queues up batch jobs and processes them on an FCFS basis.Between 2 and 5 P.M., jobs arrive at an average rate of 30 per hour and require anaverage of 1.2 minutes of computer time. Assume the arrival process is Poissonand the processing times are exponentially distributed. a. Compute the variance of the flow times assuming FCFS, LCFS, and randomselection disciplinesarrow_forward
- Need answer for all . I know your guidelines but need answer for all with working . If you can't give answer all better to skip . Incomplete or incorrect answer will downvotearrow_forwardPlease 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…arrow_forwardplease answer all or skip please answer all or leave .If you can't answer all leave it please answer all with all working 1 b. Prepare journal entries to record all activity relating to direct materials for the period. 2. For direct labour. a. Compute the rate and efficiency variances. (Indicate the effect of variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance).) 2b . Prepare a journal entry to record the incurrence of direct labour cost for the period. (List debit entries first). Record the incurrence of direct labour cost for the period. Note: Enter debits hefore credits 3. Compute the variable manufacturing overhead spending and efficiency variances. (Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance).) 4. Compute the fixed overhead budget and volume variances. (indicate the effect of variance by selecting "F" for…arrow_forward
- Complete the table below for the missing variances. 1(Click the icon to view the table.) Calculate the variances and identify whether the variance is favorable (F) or unfavorable (U). (b) Total Direct Materials Variance $125 F (c) Total Direct Labor Variance $255 F (e) Total Variable Overhead Variance $175 F (f) Total Fixed Overhead Variance (1) F (d) Total Manufacturing Overhead Variance (2) F (a) Total Flexible Budget Product Cost Variance (3) F 1: Data Table Total Flexible Budget Product Cost Variance (a) Total Direct Total Direct Total Manufacturing Materials Variance Labor Variance Overhead Variance (b) (c) (d) Direct Materials Direct Materials Direct Labor Direct Labor…arrow_forwardI attached a picture of the accounting excel problem instructions (on the word document) and a picture of the excel spreadsheet that need the formulas answered. thank you for your help.arrow_forwardDownload the Applying Excel form and enter formulas in all cells that contain question marks. For example, in cell B30 enter the formula "= B20". 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 C31 would be "=ABS(E31-B31)". Cells D31 through D39 and G31 through G39 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. Required: 1. Check your worksheet by changing the revenue in cell D4 to $16.00; the cost of ingredients in cell D5 to $6.50; and the wages and salaries in cell B6 to $10,000. The activity variance for net operating income should now be $850 U and the spending variance for total…arrow_forward
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