Basic variance analysis for direct materials, direct labor and variable overhead - Excel 1 FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In Calibri 11 A A % M Paste BIU- A Alignment Number Conditional Format as Cell Formatting Table Styles Cells Editing Clipboard G Font Styles Al The standard cost card for a single unit of Robinson, Inc.'s products is shown 4 A B C D E F 1 The standard cost card for a single unit of Robinson, Inc.'s products is shown below. 2 3 Standard Quantity Standard Price/Rate Standard Unit Cost 4 Direct materials: 2.5 yards @ $8.00 per yard 7 5 Direct labor: 6 Variable overhead (based on labor hours): 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 0.5 hours @ $18.00 per hour $20.00 9.00 0.5 hours @ $10.00 per hour 5.00 14,000 units 13,500 units 14 Variable Overhead Incurred Total Actual Cost 35,100 yards @ $7.00 per yard $245,700 7,425 hours @ $17.50 per hour $129,938 7,425 hours @ $12.00 per hour $89,100 15 16 Complete the following table comparing actual costs to the flexible budget and master budget. Use formulas for the spending and volume variances so that variance will appear as a negative number if unfavorable and a positive number if favorable.