1. Compute the direct material, direct labor and variable overhead variances. S 5 ? - X X] H FILE Basic variance analysis for direct materials, direct labor and variable overhead - Excel INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW HOME Sign In * Calibri Calibri 111 A A = % V Paste B I U - A ont Number Conditional Format as Cell Alignment Number Formatting Table Styles - Cells Editing Clipboard B Font x Styles 41 : fc The standard cost card for a single unit of Robinson, Inc.'s products is shown D E F G C The standard cost card for a single unit of Robinson, Inc.'s products is shown below. 1 Standard Price/Rate 4 Direct materials: 5 Direct labor: 6 Variable overhead (based on labor hours): Standard Quantity 2.5 yards @ 0.5 hours @ 0.5 hours @ $8.00 per yard $18.00 per hour $10.00 per hour Standard Unit Cost $20.00 9.00 5.00 14,000 units 13,500 units 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 35,100 yards @ 7,425 hours @ $7.00 per yard $17.50 per hour Total Actual Cost $245,700 $129,938 Gridlines Headings Zoom 100% Page Break Page Custom Preview Layout Views Workbook Views Zoom to Window Macros Selection Macros Show Zoom A1 X fc The standard cost card for a single unit of Robinson, Inc.'s products is shown DE F 11 Actual Costs Incurred to Produce 13,500 units: 12 Direct Materials Purchased and Used 13 Direct Labor Paid 14 Variable Overhead Incurred 35,100 yards @ 7,425 hours @ 7,425 hours @ $7.00 per yard $17.50 per hour $12.00 per hour 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 10 the spending and volume variances so that variance will appear as a negative number if unfavorable and a positive number if favorable. Spending Variances Flexible Budget Volume Variances Master Budget 19 Direct materials: 20 Direct labor: 21 Variable overhead: Actual Costs $245,700 $129,938 $89,100 24 Using the formulas provided, compute the following variances 25 Write if statements to enter an For U to indicate whether the variance is favorable or unfavorable. Variance For U 27 Direct materials: Price Variance = AQ * (SP-AP) 29 Quantity Variance = SP * (SQ - AQ) 30 Total Spending Variance Gridlines Headings Zoom Normal Page Break Page Custom Preview Layout Views Workbook Views 100% Zoom to Window Macros Selection Zoom Macros Show A1 x = fx Em The standard cost card for a single unit of Robinson, Inc.'s products is shown B C D E F G $245,700 $129,938 $89,100 19 Direct materials: 20 Direct labor: 21 Variable overhead: 24 Using the formulas provided, compute the following variances. 25 Write if statements to enter an For U to indicate whether the variance is favorable or unfavorable. Variance For U 27 Direct materials: 28 Price Variance = AQ * (SP-AP) Quantity Variance = SP * (SQ - AQ) 30 Total Spending Variance 31 Direct Labor 32 Rate Variance = AH * (SR - AR) 33 Efficiency Variance = SR * (SH - AH) Total Spending Variance 35 Variable Overhead Rate Variance = AH * (SR - AR) 37 Efficiency Variance = SR* (SH - AH) Total Spending Variance