A 1 The standard cost card for a single unit of Robinson, Inc.'s products is shown...

  

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A 1 The standard cost card for a single unit of Robinson, Inc.'s products is shown below. 2 3 4 Direct materials: 5 Direct labor: 6 Variable overhead (based on labor hours): 7 8 Budgeted production for the month 9 Actual production for the month 10 11 Actual Costs Incurred to Produce 13,500 units: 12 Direct Materials Purchased and Used 13 Direct Labor Paid 14 Variable Overhead Incurred 15 B Standard Quantity 2.5 yards @ 0.5 hours @ 0.5 hours @ 14,000 units 13,500 units 35,100 yards @ 7,425 hours @ 7,425 hours @ D Standard Price/Rate E $8.00 per yard $18.00 per hour $10.00 per hour $7.00 per yard $17.50 per hour $12.00 per hour F Standard Unit Cost $20.00 9.00 5.00 Total Actual Cost $245,700 $129,938 $89,100 Complete the following table comparing actual costs to the flexible budget and master budget. Use formulas for 16 the spending and volume variances so that variance will appear as a negative number if unfavorable and a positive number if favorable. Direct materials: Direct labor: Variable overhead: Direct materials: Price Variance = AQ* (SP-AP) Quantity Variance = SP * (SQ-AQ) Total Spending Variance Direct Labor Rate Variance = AH * (SR - AR) Efficiency Variance = SR * (SH - AH) Total Spending Variance Variable Overhead Actual Costs Using the formulas provided, compute the following variances. Write if statements to enter an F or U to indicate whether the variance is favorable or unfavorable. Rate Variance = AH * (SR - AR) Efficiency Variance = SR* (SH - AH) Total Spending Variance $245,700 $129,938 $89,100 Spending Flexible Volume Variances Budget Variances Variance For U Master Budget A 1 The standard cost card for a single unit of Robinson, Inc.'s products is shown below. 2 3 4 Direct materials: 5 Direct labor: 6 Variable overhead (based on labor hours): 7 8 Budgeted production for the month 9 Actual production for the month 10 11 Actual Costs Incurred to Produce 13,500 units: 12 Direct Materials Purchased and Used 13 Direct Labor Paid 14 Variable Overhead Incurred 15 B Standard Quantity 2.5 yards @ 0.5 hours @ 0.5 hours @ 14,000 units 13,500 units 35,100 yards @ 7,425 hours @ 7,425 hours @ D Standard Price/Rate E $8.00 per yard $18.00 per hour $10.00 per hour $7.00 per yard $17.50 per hour $12.00 per hour F Standard Unit Cost $20.00 9.00 5.00 Total Actual Cost $245,700 $129,938 $89,100 Complete the following table comparing actual costs to the flexible budget and master budget. Use formulas for 16 the spending and volume variances so that variance will appear as a negative number if unfavorable and a positive number if favorable. Direct materials: Direct labor: Variable overhead: Direct materials: Price Variance = AQ* (SP-AP) Quantity Variance = SP * (SQ-AQ) Total Spending Variance Direct Labor Rate Variance = AH * (SR - AR) Efficiency Variance = SR * (SH - AH) Total Spending Variance Variable Overhead Actual Costs Using the formulas provided, compute the following variances. Write if statements to enter an F or U to indicate whether the variance is favorable or unfavorable. Rate Variance = AH * (SR - AR) Efficiency Variance = SR* (SH - AH) Total Spending Variance $245,700 $129,938 $89,100 Spending Flexible Volume Variances Budget Variances Variance For U Master Budget

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FORMULAS Excel formulas The standard cost card for a single un... View the full answer