Revise the data in your worksheet to reflect the results for the subsequent peri

Question

Revise the data in your worksheet to reflect the results for the subsequent period as shown below:

  

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).)

      

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).)

      

What is labor efficiency variance? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).)

      

What is labor rate variance? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).)

      

What is variable overhead efficiency variance? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).)

      

What is variable overhead rate variance? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).)

A B C D E F 1 Chapter 8: Applying Excel 2 3 Data 4 Exhibit 8-8: Standard Cost Card 5 Inputs Standard Quantity Standard Price 6 Direct materials 3.0 pounds $4.00 7 Direct labor 0.50 hours $22.00 per hour 8 Variable manufacturing overhead 0.50 hours $6.00 per hour 9 10 Actual results: 11     Actual output 2,090 units 12     Actual variable manufacturing overhead cost $6,174 13    Actual Quantity Actual price 14     Actual direct materials cost 6,115 pounds $3.9 pounds 15     Actual direct labor cost 980 hours $22.3 per hour 16

Explanation / Answer

a1.

a2.

b1.

b2.

c1.

c2.

Material Quantity variance = Standard Price * (Actual Quantity used - Standard Quantity) Material Quantity variance = $4 * (6,115 - (2,090*3) Material Quantity variance = $620 F

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