Chapter 8: Applying Excel Data Exhibit 8-8: Standard Cost Card Standard Quant St
ID: 2518410 • Letter: C
Question
Chapter 8: Applying Excel Data Exhibit 8-8: Standard Cost Card Standard Quant Standard Price $4.00 per pound 22.00 $6.00 per hour uts Direct materials Direct labor Variable manufacturing overhead 3.0 pounds 0.50 hours 0.50 hours r hour Actual results Actual output Actual variable manufacturing overhead cost 2,000 units $7,140 Actual Quantity Actual price $3.80 per pound 21.60 Actual direct materials cost 6,500 pounds 1,050 hours Actual direct labor cost r hour Enter a formula into each of the cells marked with a? below Main Example: Chapter 8 Exhibit 8-11: Standard Cost Variance Analysis-Direct Materials Standard Quantity Allowed for the Actual Output, at Standard Price Actual Quantity of Input, at Standard Price Actual Quantity of Input, at Actual Price Direct materials variances ? pounds x ? ounds× ? pounds x ? per pound ound- ? per pound Materials quantity variance Materials price variance Materials spending variance Exhibit 8-12: Standard Cost Variance Analysis-Direct Labor Standard Hours Allowed for the Actual Output, at Standard Rate Actual Hours of Input, at Standard Rate Actual Hours of Input, at Actual Rate Direct labor variances ? hours x ? hours x ? hours x ? per hour ? per hour- ? per hour- Labor efficiency variance Labor rate variance Labor spending variance Exhibit 8-13: Standard Cost Variance Analysis-Variable Manufacturing Overhead Standard Hours Allowed for the Actual Output, at Standard Rate Actual Hours of Input, at Standard Rate Actual Hours of Input, at Actual Rate Variable overhead variances ? hours x ? hours x ? hours x ? per hour ? per hour ? per hour- Variable overhead efficiency variance Variable overhead rate variance Variable overhead spending varianceExplanation / Answer
Exhibit 8-11 : Standard Cost Variance Analysis - Direct Materials Standard Quantity allowed for Actual Output , at Standard Price 6000 pounds x $4.00 per pound = $24,000 Actual Quantity of Input, at Standard Price 6500 pounds x $4.00 per pound = $26,000 Actual Quantity of Input, at Actual Price 6500 pounds x $3.80 per pound = $24,700 Direct Material Variances: Material Quantity Variance $2,000 Unfavourable Material Price Variance $1,300 Favourable Material Spending Variance $700 Unfavourable Exhibit 8-12 : Standard Cost Variance Analysis - Direct Labor Standard Hours allowed for Actual Output at Standard Rate 1000 hours x $22.00 per pound = $22,000 Actual hours of input, at Standard Price 1050 hours x $22.00 per pound = $23,100 Actual hours of Input, at Actual Price 1050 hours x $21.60 per pound = $22,680 Direct Labor Variances: Labor Efficiency Variance $1,100 Unfavourable Labor Rate Variance $420 Favourable Labor Spending Variance $680 Unfavourable Exhibit 8-13 : Standard Cost Variance Analysis - Variable Manufacturing Overhead Standard Hours allowed for Actual Output at Standard Rate 1000 hours x $6.00 per pound = $6,000 Actual hours of input, at Standard Price 1050 hours x $6.00 per pound = $6,300 Actual hours of Input, at Actual Price 1050 hours x $6.80 per pound = $7,140 Variable Overhead Variances: Variable Overhead Efficiency Variance $300 Unfavourable Variable Overhead Rate Variance $840 Unfavourable Variable Overhead Spending Variance $1,140 Unfavourable