All answers in yellow blanks must be entered in formula form (ex: d2+d3). No num

Question

All answers in yellow blanks must be entered in formula form (ex: d2+d3). No numbers allowed

Instructions:

Compute the direct materials price and quantity variances.

Compute the direct labor rate and efficiency variances.

Compute the variable manufacturing overhead rate and efficiency variances.

3 Direct materials 4 Standard 5 Actual 6 Direct labor 7 Standard 8 Actual 9 Variable overhead: 10 Standard 11 Actual 12 13 Total cost per unit 14 15 Excess of actual cost over standard cost per unit 16 17 Actual production for the month 18 Variable overhead is assigned to products based on direct labor hours. There 9 was no beginning or ending inventory of materials for the month 20 21 Using formulas, compute the following. Input all numbers as positive amounts $6.60 2.4 yards @ 3 yards @ $2.75 per yard $2.70 per yard $8.10 $18.00 per hour $22.00 per hour 10.80 0.6 hours @ 0.5 hours @ 11.00 0.6 hours @ 0.5 hours @ 4.20 $7.00 per hour $7.10 per hour 3.55 521.60 $22.65 $1.05 13,500 units Indicate whether the variances are F or U. Write if statements for variance cells F30 to F47. Use cell 22 references (formulas) for cells D53 -D60. Enter an For U to indicate the correct variance in cells F54 to F62

Explanation / Answer

Direct Material Variances: Standard Quantity Allowed for Actual Output at standard price =2.4yard@$2.75 per unit 89100 Actual Quantity of Input at standard price =13500 x 3yard x $2.75 111375 Actual Quantity of input at actual price =13500 x 3yard x 2.70 109350 Materials Quantity Variance (89,100-11135) 22275UF Material Price Variance (111,375-109,350) 2025F Direct Labour Variances: Standard Hour allowed for actual at standard Rate =13500x0.6x18 145800 actual Hours of input, at standard Rate =13500x0.5 x 18 121500 actual Hours of input, at Actual Rate =13500x0.5x22 148500 Labour Efficiency Variance (145800-121500) $     24,300.00 F Labour Rate Variances (121,500-148500) $     27,000.00 UF Manufacturing Overhead Standard hours allowed for actual output at standard Rate $     56,700.00 Actual Hours of Inputat standard Rate $     47,250.00 Actual Hours of Input, at actual rate $     47,925.00 Variable Overhead Efficienty Variance(56700-47250) $        9,450.00 F Variable overhead rate variance (47250-47925) $           675.00 UF Materials: Quantity Varience $    -22,275.00 Price Variance $        2,025.00 Labor: Efficiency Variance $     24,300.00 Rate Variance $    -27,000.00 Variable Overhead: Efficiency Variance $        9,450.00 Rate Variance $          -675.00 Total Excess of Actual over standard cost $    -14,175.00 Excess of Actual over standard cost per unit $              -1.05

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