Chapter $10$: Applying Excel: Exercise $($Part $2$ of $2)($Algo$)$

Requirement $2$:

Revise the data in your worksheet to reflect the results for the subsequent period as shown below:

a$-1.$ What is the materials quantity variance?

a$-2.$ What is the materials price variance?

b$-1.$ What is the labor efficiency variance?

b$-2.$ What is the labor rate variance?

c$-1.$ What is the variable overhead efficiency variance?

c$-2.$ What is the variable overhead rate variance?

Please explain how you got the answer, as I am prepping for my final, and I am not the greatest with math. I have also attached the Excel sheet from the previous question in case you need that information$/$for your reference.

Chapter $10$: Applying Excel: Exercise $($Part $2$ of $2)($Algo$)$

Requirement $2$:

Revise the data in your worksheet to reflect the results for the subsequent period as shown below:

A B C E $1$ Chapter $10$: Applying Excel $23$ Data $4$ Exhibit $10-1$: Standard Cost Card $5$ Inputs Standard Quantity Standar Price $6$ Direct materials $3\mathrm{.}0$ pounds $ $4\mathrm{.}00$ per pound $7$ Direct labor $0\mathrm{.}50$ hours $ $22\mathrm{.}00$ per hour $8$ Variable manufacturing overhead $0\mathrm{.}50$ hours $ $6\mathrm{.}00$ per hour $910$ Actual results: $11$ Actual output $1,960$ units $12$ Actual variable manufacturing overhead cost $ $7,045\mathrm{.}5013$ Actual Quantity Actual price $14$ Actual direct materials cost $5,875$ pounds $ $4\mathrm{.}40$ per pound $15$ Actual direct labor cost $1,155$ hours $ $22\mathrm{.}10$ per hour

a$-1.$ What is the materlals quantity variance?

Note: Indicate the effect of each varlance by selecting $"$F$"$ for favorable, $"$U$"$ for unfavorable, and "None" for no

effect $($l$.$e$.,$ zero variance$).$

The amount of the materials quantity

variance

a$-2.$ What is the materlals price varlance?

Note: Indicate the effect of each varlance by selecting $"$F$"$ for favorable, $"$U$"$ for unfavorable, and "None" for no

effect $($l$.$e$.,$ zero varlance$).$

The amount of the materials price

variance

b$-1.$ What is the labor efficiency variance?

Note: Indicate the effect of each varlance by selecting $"$F$"$ for favorable, $"$U$"$ for unfavorable, and "None" for no

effect $($l$.$e$.,$ zero varlance$).$

The amount of the labor efficiency

variance

b$-2.$ What is the labor rate varlance?

Note: Indicate the effect of each varlance by selecting $"$F$"$ for favorable, $"$U$"$ for unfavorable, and "None" for no

effect $($l$.$e$.,$ zero varlance$).$ Round your final answer to nearest whole dollar amount.

The amount of the labor rate

variance

c $-1.$ What is the variable overhead efficiency variance?

Note: Indicate the effect of each varlance by selecting $"$F$"$ for favorable, $"$U$"$ for unfavorable, and "None" for no

effect $($l$.$e$.,$ zero varlance$).$

The amount of the variable overhead

efficiency variance

c$-2.$ What is the variable overhead rate variance?

Note: Indicate the effect of each varlance by selecting $"$F$"$ for favorable, $"$U$"$ for unfavorable, and "None" for no

effect $($l$.$e$.,$ zero varlance$).$

The amount of the variable overhead

rate variance