4 The primary purpose of this assignment is to give you practice calculating variances. The 5...

   
 

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4 The primary purpose of this assignment is to give you practice calculating variances. The 5 variances you need to calculate are described under the "REQUIRED" heading below. 6 The secondary purpose of this assignment is to improve your proficiency in using Excel as a tool 7 for analysis (as opposed to word processing software). 8 9 REQUIRED: 10 All yellow cells in this template (right) must be completed with formulas referencing other cells. 11 For example, do not just type the number $661,254 in cell F9. Instead, you must enter the formula 12 in the cell to calculate this number. Indicate whether variances are favorable (FAV) or unfavorable (UNF) 13 in the "green" cells beside each amount. Some formulas will reference the problem; other formulas will 14 use cells in the template. Variances should not have a minus sign or parentheses. 15 16 SUBMISSION: You must submit your Excel file (1) with the yellow and green cells completed and 17 (2) submit a witten report in Word according to Instructions included in the Canvas assignment. You must 18 name the file in this format: ACC3365 Calculations [1st initial, last name] and 19 ACC3365 Letter_[1st initial, last name). Be certain to include your full name in the cell in the upper right comer 20 of the first line (above) in this file. 21 Assignment will not be accepted late other than due to emergency situations as described in the syllabus. 22 23 PROBLEM: Mascot Mfg. makes awnings for athletic team taligating and uses a standard costing system. 24 The company recognizes (isolates) materials price varances at the time the materials are purchased. 25 They allocate (apply) OH based on # of DL hours. 26 Folowing are this year's cost and standards data; assumes 52 weeks per year. 27 SUBMISSION: You must submit your Excel file (1) with the yelow and green cels completed and (2) submit a wntten report in Word according to instructions included in the Canvas assignment. You must name the fle in this format: ACC3365_Calculations_[1st Initial, last name] and ACC3365 Letter (1st initial, last name]. Be certain to include your full name in the cell in the upper right comer of the first line (above) in this file Assignment wil not be accepted late other than due to emergency situations as described in the syllabus. PROBLEM: Mascot Mfg. makes awnings for athletic team tailgating and uses a standard costing system, The company recognizes (isolates) materials price vanances at the time the materials are purchased. They allocate (apply) OH based on # of DL hours. 5 Folowing are this year's cost and standards data; assumes 52 weeks per year. 3 Standards (for a planned level of production of 2,200 units per month) Direct Materials Yards per awning Price per yard$ 22 13 Direct Labor Hours per awning Rate por hour$ Varable MOH standard rate per direct labor hour $ Fixed MOH standard rate per direct labor hour $ Total budgeted fixed MOH cost$ 15 7. 63,500 9 Actual cost and data from the current month: Number of yards purchased Cost of yards purchased $ Number of yards used Number of awnings produced Actual direct labor hours Actual direct labor costS Actual varlable MOH $ 51,260 661,254 $ 12.90 per yd 47,500 2,200 10,850 168,175 $ 15.50 per hr 93,310 67,500 -2 -3 14 15 Actual fixed MOH S 18 19 Calculate these varlances using the templates to the right. 1. Drect material varlances 50 2. Drect lebor veriences 52 3. Variable MOH varances 53 4. Fixed MOH variances 54 Templates Direct Materials Actual Input Quantity x Budgeted (Std) Price Actual Flexible Cost Budget (Applied) Purchases Usage Example: $ 661,254 Price Varlance Efficiency Variance NOTE: There is NO "lotal" variance because Price & Efficiency Variances are measured at different times for DM. Actual Cost Direct Labor Actual Input Quantity x Budgeted (Std) Rate Flexible Budget (Applied) Price Variance Efficiency Variance Flexible Budget (TOTAL) Variance Variable Manufacturing Overhead Actual Input Quantity x Budgeted (Std) Rate Actual Flexible Cost Incurred Budget (Applied) Allocated Spending Variance Efficiency Varience Flexible Budget (TOTAL) Varance Fixed Manufacturing Overhead Actual Flexible Budget (Same as Static) Cost Incumed Static FOH Budget Allocated ser yd per hr Spending Varance Production Volume Variance TOTAL Fixed OH Varlance 4 The primary purpose of this assignment is to give you practice calculating variances. The 5 variances you need to calculate are described under the "REQUIRED" heading below. 6 The secondary purpose of this assignment is to improve your proficiency in using Excel as a tool 7 for analysis (as opposed to word processing software). 8 9 REQUIRED: 10 All yellow cells in this template (right) must be completed with formulas referencing other cells. 11 For example, do not just type the number $661,254 in cell F9. Instead, you must enter the formula 12 in the cell to calculate this number. Indicate whether variances are favorable (FAV) or unfavorable (UNF) 13 in the "green" cells beside each amount. Some formulas will reference the problem; other formulas will 14 use cells in the template. Variances should not have a minus sign or parentheses. 15 16 SUBMISSION: You must submit your Excel file (1) with the yellow and green cells completed and 17 (2) submit a witten report in Word according to Instructions included in the Canvas assignment. You must 18 name the file in this format: ACC3365 Calculations [1st initial, last name] and 19 ACC3365 Letter_[1st initial, last name). Be certain to include your full name in the cell in the upper right comer 20 of the first line (above) in this file. 21 Assignment will not be accepted late other than due to emergency situations as described in the syllabus. 22 23 PROBLEM: Mascot Mfg. makes awnings for athletic team taligating and uses a standard costing system. 24 The company recognizes (isolates) materials price varances at the time the materials are purchased. 25 They allocate (apply) OH based on # of DL hours. 26 Folowing are this year's cost and standards data; assumes 52 weeks per year. 27 SUBMISSION: You must submit your Excel file (1) with the yelow and green cels completed and (2) submit a wntten report in Word according to instructions included in the Canvas assignment. You must name the fle in this format: ACC3365_Calculations_[1st Initial, last name] and ACC3365 Letter (1st initial, last name]. Be certain to include your full name in the cell in the upper right comer of the first line (above) in this file Assignment wil not be accepted late other than due to emergency situations as described in the syllabus. PROBLEM: Mascot Mfg. makes awnings for athletic team tailgating and uses a standard costing system, The company recognizes (isolates) materials price vanances at the time the materials are purchased. They allocate (apply) OH based on # of DL hours. 5 Folowing are this year's cost and standards data; assumes 52 weeks per year. 3 Standards (for a planned level of production of 2,200 units per month) Direct Materials Yards per awning Price per yard$ 22 13 Direct Labor Hours per awning Rate por hour$ Varable MOH standard rate per direct labor hour $ Fixed MOH standard rate per direct labor hour $ Total budgeted fixed MOH cost$ 15 7. 63,500 9 Actual cost and data from the current month: Number of yards purchased Cost of yards purchased $ Number of yards used Number of awnings produced Actual direct labor hours Actual direct labor costS Actual varlable MOH $ 51,260 661,254 $ 12.90 per yd 47,500 2,200 10,850 168,175 $ 15.50 per hr 93,310 67,500 -2 -3 14 15 Actual fixed MOH S 18 19 Calculate these varlances using the templates to the right. 1. Drect material varlances 50 2. Drect lebor veriences 52 3. Variable MOH varances 53 4. Fixed MOH variances 54 Templates Direct Materials Actual Input Quantity x Budgeted (Std) Price Actual Flexible Cost Budget (Applied) Purchases Usage Example: $ 661,254 Price Varlance Efficiency Variance NOTE: There is NO "lotal" variance because Price & Efficiency Variances are measured at different times for DM. Actual Cost Direct Labor Actual Input Quantity x Budgeted (Std) Rate Flexible Budget (Applied) Price Variance Efficiency Variance Flexible Budget (TOTAL) Variance Variable Manufacturing Overhead Actual Input Quantity x Budgeted (Std) Rate Actual Flexible Cost Incurred Budget (Applied) Allocated Spending Variance Efficiency Varience Flexible Budget (TOTAL) Varance Fixed Manufacturing Overhead Actual Flexible Budget (Same as Static) Cost Incumed Static FOH Budget Allocated ser yd per hr Spending Varance Production Volume Variance TOTAL Fixed OH Varlance

Answer rating: 100% (QA)

From the given information Direct material variance has two types whi... View the full answer