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Excel SIM: Basic Variance Analysis and the Impact of Variances on Unit Costs 1. Compute the direct materials price and quantity variances and explain their significance. 2. Compute the direct labor rate and efficiency variances and explain their significance. 3. Compute the variable manufacturing overhead rate and efficiency variances and explain their significance. Basic Variance Analysis and the Impact of Variances on Unit Costs - Excel ? 3 FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In Calibri 11 A % M Paste BIU FE > Cells Editing Alignment Number Conditional Format as Cell Formatting Table - Styles Styles Clipboard Font . A G26 v X f H 1 . A B D E F G 1 Standards for one of Patterson, Inc.'s products is shown below, along with actual cost data for the month: 2 3 Direct materials: 4 Standard 2.4 yards @ $2.75 per yard $6.60 5 Actual 3 yards @ $2.70 per yard $8.10 6 Direct labor: 7 Standard 0.6 hours @ $18.00 per hour 10.80 8 Actual 0.5 hours @ $22.00 per hour 11.00 9 Variable overhead: 10 Standard 0.6 hours @ $7.00 per hour 4.20 11 Actual 0.5 hours @ $7.10 per hour 3.55 12 13 Total cost per unit $21.60 $22.65 14 IS Excess of actual cost over standard cost per unit $1.05 16 17 Aldinn for the month 13 500 units Excel SIM: Basic Variance Analysis and the Impact of Variances on Unit Costs 1. Compute the direct materials price and quantity variances and explain their significance. 2. Compute the direct labor rate and efficiency variances and explain their significance. 3. Compute the variable manufacturing overhead rate and efficiency variances and explain their significance X Basic Variance Analysis and the impact of Variances on Unit Costs - Excel PAGE LAYOUT FORMULAS DATA REVIEW VIEW ? - 6 X FILE HOME INSERT Sign in Calibri - 11 M Paste BIU- . TAA % A Alignment Number Conditional Format as Cell Formatting Table Styles Styles Cells Editing Clipboard Font G26 X B D E F G H 4.20 2 3 Direct materials: 4 Standard 2.4 yards @ $2.75 per yard $6.60 5 Actual 3 yards @ $2.70 per yard 58.10 6 Direct labor 7 Standard 0.6 hours @ $18.00 per hour 10.80 8 Actual 0.5 hours @ $22.00 per hour 11.00 9 Variable overhead: 10 Standard 0.6 hours @ $7.00 per hour 11 Actual 0.5 hours $7.10 per hour 3.55 12 13 Total cost per unit $21.60 $22.65 14 15 Excess of actual cost over standard cost per unit $1.05 16 17 Actual production for the month 13,500 units 18 Variable overhead is assigned to products based on direct labor hours. There 19 was no beginning or ending inventory of materials for the month, 20 21 Using formulas, compute the following. Input all numbers as positive amounts. Indicate whether the variances are For U. Write if statements for variance cells F30 to F47. Use 22 cell references (formulas) for cells D53 - D60. Enter an For U to indicate the correct variance in cells F54 to F62. 23 Sheet1 Excel SIM: Basic Variance Analysis and the Impact of Variances on Unit Costs 1. Compute the direct materials price and quantity variances and explain their significance. 2. Compute the direct labor rate and efficiency variances and explain their significance. 3. Compute the variable manufacturing overhead rate and efficiency variances and explain their significance. X 5 Basic Variance Analysis and the impact of Variances on Unit Costs - Excel ? 5 FILE HOME - INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW X Sign in Calibri -11 -A % M Paste BIU- Cells Editing Clipboard Alignment Number Conditional Formatas Cell Formatting Table Styles Styles Font G26 v > > B D E F G H - 40 43 44 41 Standard Cost Variance Analysis - Variable Manufacturing Overhead 42 Standard Hours Allowed for Actual Output at Standard Rate Actual Hours of Input, at Standard Rate Actual Hours of Input, at Actual Rate 45 46 Variable overhead efficiency variance 47 Variable overhead rate variance 48 49 Using formulas, compute the amount of the unit cost difference 50 that is traceable to each of the variances computed above. SI 52 Materials: 53 Quantity variance Price variance 55 Labor: 56 Efficiency variance 57 Rate variance 58 Variable overhead: 59 Efficiency variance 60 Rate variance 61 62 Excess of actual over standard cost per unit 63 Sheet1 54