Data: Standard Cost Card Inputs Standard Quantity Standard Price Direct material

Question

Data: 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. The variances should be positive numbers so use =ABS() in your formula. For example, the formula for cell B23 should be =ABS(F19-F20) Don't change the green cells. Those formulas are 'good.' 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 ?    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 ?    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 1,050 hours × $6.80 per hour = $7,140 Variable overhead variances: Variable overhead efficiency variance ?    Variable overhead rate variance ? F Variable overhead spending variance ? F

Explanation / Answer

Direct Material Actual Quantity @Actual price (AQ*AP) 36000 Actual Quantity@Standard price (AQ*SP) 39000 Standard Qty @ Standard Price (SQ*SP) 36400 Material Price variance (AQSP-AQAP) 3000 Fav Material Qty Vriance (SQSP -AQSP) 2600 Unfav Direct Material Spending (SQSP-AQAP) 400 Fav Direct Labor Actual Hours @Actual rate (AH*AR) 7600 Actual Hours @Std rate (AH*SR) 6840 Std hours @ sstd rate (SH*SR) 7200 Labor rate ariance(AH*SR-AH*AR) 760 Unfav Labor efficiency Variance(SH*SR-AH*SR) 360 Fav Labor Spending Variance(SH*SR- AH*AR) 400 Unfav Variance OH Actual Hours @Actual rate (AH*AR) 3800 Actual Hours @Std rate (AH*SR) 2280 Std hours @ sstd rate (SH*SR) 2400 OH rate ariance(AH*SR-AH*AR) 1520 Unfav OH efficiency Variance(SH*SR-AH*SR) 120 Fav OH Spending Variance(SH*SR- AH*AR) 1400 Unfav

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