Data

Exhibit $10-1$: Standard Cost Card

Inputs Standard Quantity Standard Price

Direct materials $3\mathrm{.}0$ pounds $$4\mathrm{.}00$ per pound

Direct labor $0\mathrm{.}50$ hours $$22\mathrm{.}00$ per hour

Variable manufacturing overhead $0\mathrm{.}50$ hours $$6\mathrm{.}00$ per hour

Actual results:

Actual output $2,000$ units

Actual variable manufacturing overhead cost $$7,140$

Actual Quantity Actual price

Actual direct materials cost $6,500$ pounds $$3\mathrm{.}80$ per pound

Actual direct labor cost $1,050$ hours $$21\mathrm{.}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 $?$ pounds $\backslash$times $?$ per pound $=?$

Actual Quantity of Input, at Standard Price $?$ pounds $\backslash$times $?$ per pound $=?$

Actual Quantity of Input, at Actual Price $?$ pounds $\backslash$times $?$ per pound $=?$

Direct materials variances:

Materials quantity variance $?$

Materials price variance $?$

Materials spending variance $?$

Exhibit $10-6$: Standard Cost Variance Analysis$$Direct Labor

Standard Hours Allowed for the Actual Output, at Standard Rate $?$ hours $\backslash$times $?$ per hour $=?$

Actual Hours of Input, at Standard Rate $?$ hours $\backslash$times $?$ per hour $=?$

Actual Hours of Input, at Actual Rate $?$ hours $\backslash$times $?$ per hour $=?$

Direct labor variances:

Labor efficiency variance $?$

Labor rate variance $?$

Labor spending variance $?$

Exhibit $10-8$: Standard Cost Variance Analysis$$Variable Manufacturing Overhead

Standard Hours Allowed for the Actual Output, at Standard Rate $?$ hours $\backslash$times $?$ per hour $=?$

Actual Hours of Input, at Standard Rate $?$ hours $\backslash$times $?$ per hour $=?$

Actual Hours of Input, at Actual Rate $?$ hours $\backslash$times $?$ per hour $=?$

Variable overhead variances:

Variable overhead efficiency variance $?$

Variable overhead rate variance $?$

Variable overhead spending variance $?$