Chapter 10: Applying Excel Data Exhibit 10-1: Standard Cost Card Inputs Direct materials Direct labor Variable manufacturing overhead Standard Quantity 3.0 pounds 0.50 hours 0.50 hours Standard Price $4.00 per pound $22.00 per hour $6.00 per hour Actual results: Actual output Actual variable manufacturing overhead cost Actual direct materials cost Actual direct labor cost 2,000 units $7,140 Actual Quantity 6,500 pounds 1,050 hours Actual price $3.80 per pound $21.60 per hour = Enter a formula into each of the cells marked with a ? below Main Example: Chapter 10 Exhibit 10-4: Standard Cost Variance Analysis-Direct Materials Standard Quantity Allowed for the Actual Output, at Standard Price Actual Quantity of Input, at Standard Price Actual Quantity of Input, at Actual Price Direct materials variances: Materials quantity variance Materials price variance Materials spending variance 24,000 pounds 26,000 pounds x 24,700 pounds * ? per pound ? per pound ? per pound ? ? = -$2,000 $1,300 -$700 6,000 hours x 6,300 hours x 7,140 hours x Exhibit 10-6: Standard Cost Variance Analysis-Direct Labor Standard Hours Allowed for the Actual Output, at Standard Rate Actual Hours of Input, at Standard Rate Actual Hours of Input, at Actual Rate Direct labor variances: Labor efficiency variance Labor rate variance Labor spending variance ? per hour = ? per hour = ? per hour = ? ? $300 -$840 Exhibit 10-8: Standard Cost Variance Analysis - Variable Manufacturing Overhead Standard Hours Allowed for the Actual Output, at Standard Rate 300 hours x Actual Hours of Input, at Standard Rate ? hours x Actual Hours of Input, at Actual Rate ? hours Variable overhead variances: Variable overhead efficiency variance -$300 Variable overhead rate variance $840 Variable overhead spending variance $1,140 ? per hour = ? per hour = ? per hour =