Requirement 2: Revise the data in your worksheet to reflect the results for the

Question

Requirement 2: Revise the data in your worksheet to reflect the results for the subsequent period as shown below 1 Chapter 8: Applying Excel 2 3 Data 4 Exhibit 8-8: Standard Cost Card Inputs Standard Quantity Standard Price $4.00 6 Direct materials 7 Direct labor 8 Variable manufacturing overhead 3.0 pounds 0.50 hours 0.50 hours $22.00 per hour $6.00 per hour 10 Actual results 11 Actual output 12 Actual variable manufacturing overhead cost 13 14 Actual direct materials cost 15 Actual direct labor cost 1,880 units $4,868 Actual Quantity 5,435 pounds 825 hours Actual price $3.6 pounds $22.1 per hour a-1. What is the materials quantity variance? (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 materials quantity variance a-2. What is the materials price variance? (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 materials price variance

Explanation / Answer

ans a1 in $ Amt of material quantity variance 2174 F (AQ*AP)-(AQ*SP) (5435*3.6)-(5435*4) -2174 ans b2 Amt of Material Price Variance 820 F SP*(AQ-SQ allowed) 4*(5435-(1880*3)) -820 ans b 1 Labor rate variance 82.5 U (AH*AR)-(AH*SR) (825*22.1)-(825*22) ans b2 Labor efficiency varaince 2530 F SR*(AH-SH) 22*(825-(1880*.5)) -2530 ans c1 Variable rate variance 82 F (AH*AR)-(AH*SR) -82 4868-(825*6) ans c2 Variable overhead efficiency varaince 690 F SR*(AH-SH) -690 6*(825-(1880*.5)) If any doubt please comment

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