Chapter 10: Applying Excel Data Exhibit 10-2: Standard Cost Card Inputs Standard
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Chapter 10: Applying Excel Data Exhibit 10-2: Standard Cost Card Inputs Standard Quantity Standard Price Direct materials 3.0 pounds $4.00 per pound Direct labor 0.50 hours $22.00 per hour Variable manufacturing overhead 0.50 hours $6.00 per hour Actual results: Actual output 2,000 units Actual variable manufacturing overhead cost $7,140 Actual Quantity Actual price Actual direct materials cost 6,500 pounds $3.80 per pound Actual direct labor cost 1,050 hours $21.60 per hour Enter a formula into each of the cells marked with a ? below Main Example: Chapter 10 Exhibit 10-5: Standard Cost Variance Analysis–Direct Materials Standard Quantity Allowed for the Actual Output, at Standard Price ? pounds × ? per pound = ? Actual Quantity of Input, at Standard Price ? pounds × ? per pound = ? Actual Quantity of Input, at Actual Price ? pounds × ? per pound = ? Direct materials variances: Materials quantity variance ? Materials price variance ? Materials spending variance ? Exhibit 10-6: Standard Cost Variance Analysis–Direct Labor Standard Hours Allowed for the Actual Output, at Standard Rate ? hours × ? per hour = ? Actual Hours of Input, at Standard Rate ? hours × ? per hour = ? Actual Hours of Input, at Actual Rate ? hours × ? per hour = ? Direct labor variances: Labor efficiency variance ? Labor rate variance ? Labor spending variance ? Exhibit 10-7: Standard Cost Variance Analysis–Variable Manufacturing Overhead Standard Hours Allowed for the Actual Output, at Standard Rate ? hours × ? per hour = ? Actual Hours of Input, at Standard Rate ? hours × ? per hour = ? Actual Hours of Input, at Actual Rate ? hours × ? per hour = ? Variable overhead variances: Variable overhead efficiency variance ? Variable overhead rate variance ? Variable overhead spending variance ? Chapter 10: Applying Excel Data Exhibit 10-2: Standard Cost Card Inputs Standard Quantity Standard Price Direct materials 3.0 pounds $4.00 per pound Direct labor 0.50 hours $22.00 per hour Variable manufacturing overhead 0.50 hours $6.00 per hour Actual results: Actual output 2,000 units Actual variable manufacturing overhead cost $7,140 Actual Quantity Actual price Actual direct materials cost 6,500 pounds $3.80 per pound Actual direct labor cost 1,050 hours $21.60 per hour Enter a formula into each of the cells marked with a ? below Main Example: Chapter 10 Exhibit 10-5: Standard Cost Variance Analysis–Direct Materials Standard Quantity Allowed for the Actual Output, at Standard Price ? pounds × ? per pound = ? Actual Quantity of Input, at Standard Price ? pounds × ? per pound = ? Actual Quantity of Input, at Actual Price ? pounds × ? per pound = ? Direct materials variances: Materials quantity variance ? Materials price variance ? Materials spending variance ? Exhibit 10-6: Standard Cost Variance Analysis–Direct Labor Standard Hours Allowed for the Actual Output, at Standard Rate ? hours × ? per hour = ? Actual Hours of Input, at Standard Rate ? hours × ? per hour = ? Actual Hours of Input, at Actual Rate ? hours × ? per hour = ? Direct labor variances: Labor efficiency variance ? Labor rate variance ? Labor spending variance ? Exhibit 10-7: Standard Cost Variance Analysis–Variable Manufacturing Overhead Standard Hours Allowed for the Actual Output, at Standard Rate ? hours × ? per hour = ? Actual Hours of Input, at Standard Rate ? hours × ? per hour = ? Actual Hours of Input, at Actual Rate ? hours × ? per hour = ? Variable overhead variances: Variable overhead efficiency variance ? Variable overhead rate variance ? Variable overhead spending variance ?Explanation / Answer
SQSP AQSP AQAP
6,000 x$ 4 6,500 x$ 4 6,500 x$ 3.80
= $ 24,000 = $ 26,000 = $ 24,700
SQ = Standard Quantity required for actual Production= 3 x 2,000= 6,000 pounds
Exhibit 10-5Standard Cost Variance Analysis–Direct Materials:
Standard Quantity Allowed for the Actual Output, at Standard Price :
= 6,000 Pounds x $4= $24,000
Actual Quantity of Input, at Standard Price
= 6,500 Pounds x $4= $26,000
Actual Quantity of Input, at Actual Price
= 6,500 Pounds x $3.8 = $24,700
Direct materials variances:
Materials quantity variance
SQSP- AQSP= $24,000-$26,000= $2,000 U
Materials price variance
= AQSP-AQAP=$26,000-$24,700= $1,300 F
Materials spending variance
=SQSP-AQAP=$24,000-$24,700=$700 U
SRSH SRAH ARAH
22 x 1,000 22 x 1,050 21.60 x 1,050
=22,000 =$23,100 =$22,680
Exhibit 10-6: Standard Cost Variance Analysis–Direct Labor:
Standard Hours Allowed for the Actual Output, at Standard Rate
= 1,000 hrs x $22= $22,000
Actual Hours of Input, at Standard Rate
= 1,050 hrs x $22= $23,100
Actual Hours of Input, at Actual Rate
= 1,050 hrs x $21.60= $22,680
Direct labor variances:
Labor efficiency variance
=SRSH-SRAH
=$22,000-$23,100=$1,100 U
Labor rate variance
=SRAH-ARAH
=23,100-22,680=$420 U
Labor spending variance
=SRSH-ARAH
=$22,000-$22,680
=$680 U
Exhibit 10-7: Standard Cost Variance Analysis–Variable Manufacturing Overhead:
SRSH SRAH ARAH
6 x 1,000 6 x 1,050 6.8 x 1,050
=6,000 =$6,300 =$7,140
Standard Hours Allowed for the Actual Output, at Standard Rate
= 1,000 hrs x $6= $6,000
Actual Hours of Input, at Standard Rate
= 1,050 hrs x $6= $6,300
Actual Hours of Input, at Actual Rate
= 1,050 hrs x $6.8= $7,140
Variable overhead variances:
Variable overhead efficiency variance
=SRSH-SRAH
=$6,000-$6,300=$300 U
Variable overhead rate variance
=SRAH-ARAH
=$6,300-$7,140
=$840 U
Variable overhead spending variance
=SRSH-ARAH
=$6,000-$7,140
=$1,140 U
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