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1. Compute the direct material, direct labor and variable overhead variances. FILE Paste 3 & Clipboard Al HOME Calibri Basic variance analysis for direct materials, direct labor and variable overhead - Excel DATA REVIEW VIEW INSERT PAGE LAYOUT FORMULAS BIU- 1 . % Alignment Number Conditional Format as Cell Formatting Table Styles Styles X fx The standard cost card for a single unit of Robinson, Inc.'s products is shown Font 11 A A A A B D 1 The standard cost card for a single unit of Robinson, Inc.'s products is shown below. + 2 . 8 Budgeted production for the month 9 Actual production for the month 10 4 Direct materials: 5 Direct labor: 6 Variable overhead (based on labor hours): 7 11 Actual Costs Incurred to Produce 13,500 units: 12 Direct Materials Purchased and Used 13 Direct Labor Paid 14 Variable Overhead Incurred 15 Standard Quantity 2.5 yards @ 0.5 hours @ 0.5 hours@ 14,000 units 13,500 units 35,100 yards @ 7,425 hours @ 7,425 hours @ Standard Price/Rate Cells Editing E ? $8.00 per yard $18.00 per hour $10.00 per hour $7.00 per yard $17.50 per hour $12.00 per hour F Sign In Standard Unit Cost $20.00 9.00 5.00 P Complete the following table comparing actual costs to the flexible budget and master budget. Use formulas for 16 the spending and volume variances so that variance will appear as a negative number if unfavorable and a positive number if favorable. X Total Actual Cost $245,700 $129,938 $89,100 Al 17 18 19 Direct materials: 20 Direct labor: 21 Variable overhead: 22 27 Direct materials: 28 29 30 31 Direct Labor 32 Rate Variance AH (SR-AR) 33 3322522 Efficiency Variance SR (SH-AH) Total Spending Variance 35 Variable Overhead 36 Rate Variance =AH (SR-AR) 37 Efficiency Variance SR (SHAH) 38 Total Spending Variance 34 39 f. The standard cost card for a single unit of Robinson, Inc.'s products is shown Price Variance = AQ* (SP-AP) Quantity Variance = SP* (SQ-AQ) Total Spending Variance READY 23 24 Using the formulas provided, compute the following variances. 25 Write if statements to enter an For U to indicate whether the variance is favorable or unfavorable. 26 For U Sheet1 B Actual Costs $245,700 $129,938 $89,100 Variance Spending Flexible Variances Budget D 4 B P Volume Master Variances Budget 100%