Lab 8 - Chapter 21 ACC 214 Data Review View Conditional Formatting Formatas Table 13 Currency $ % . AutoSave OFF B U Home Insert Draw Page Layout Formulas Arial 10 A A Paste BLU CA x v fx A B C D 1 Name DX Delete , 8-23 Format E K . 3 ACC 214 - Lab #8 - Chapter 21 Assignment 5 From the following data, use Excel to calculate the direct materials price and quantity variances, the direct labor rate and usage 6 variances and the fixed overhead spending and volume variances. Show each variance as an absolute value. (Use fx for abs.value) 7 For each variance,use Excel's "IF function (click on "x") in to identify the variance as Favorable (F) or Unfavorable (U). boxes require a formula requires formula to identify the variance as For U 11 Data for problem: 12 Actual Volume for the year in units 13 Planned Volume for the year (static budget) in units 10,600 10,000 Direct Labor # of hours per unit Rate per hour Standard 0.75 $10.25 Actual 0.95 $9.65 15 Direct Materials: 16 # of pounds per unit Price per pound Standard 2 $1.50 Actual 1.7 $1.65 Fixed Costs: Planned Costs Planned $11,600 Actual $12,500 Direct Materials Variance Dividing Data 24 ACTUAL Cost Flexible Budget (Standard) Actual Quantity Used Actual Quantity Used Standard Quantity 29 Actual Price per Lb. Standard Price per Lb. Standard Price per Lb. 31 Total Actual Cost Total Total Price Variance Quantity Variance Direct Labor Ch. 21 Worksheet Lab 8 - Chapter 21 ACC 214 View Currency Conditional Formatting marting Format as Table Cell Styles Insert 3x Delete Forma $ % 958 .. AutoSave OFF A S U Home Insert Draw Page Layout Formulas Data Review vX Arial 10 A K SB Paste BIUD A D 152 x v fx A B C D E F 19 Direct Materials 24 ACTUAL Cost Variance Dividing Data 27 Actual Quantity Used Actual Quantity Used 29 Actual Price per Lb. Standard Price per Lb. 31 Total Actual Cost Total G Flexible Budget (Standard) Standard Quantity Standard Price per Lb. Total Price Variance Quantity Variance Direct Labor Variance Dividing Data 35 ACTUAL Cost Flexible Budget (Standard) 38 Actual Quantity Used Actual Quantity Used Standard Quantity 40 Actual Rate per Hour Standard Rate per Hour Standard Rate per Hour 42 Total Actual Cost Total Total Rate Variance Efficiency Variance Fixed Manufacturing Overhead ACTUAL Fixed Cost Flexible Budget (Budgeted Fixed Cost based on planned volume) Volume Variance Controllable Variance Ch. 21 Worksheet + Lab 8 - Chapter 21 ACC 214 .. Home Autore Insert Draw Ariel s o Page Layout 10 . Formulas A A Data Review View " Currency Format Tatie Call Style E27. 4 DS-% 929 L M N O nga varunce wany varar Direct Labor Varance Dividing Data 35 ACTUAL Cost 38 Actual Quantity Used 40 Actual Rate per Hour 42 Total Actual Cost Rate Variance Actual Quantity Used Standard Rate per Hour Flexible Budget (Standard) Standard Quantity Standard Rate per Hour Total Total Efficiency Variance Fixed Manufacturing Overhead 47 ACTUAL Fixed Cost Flexible Budget Budgeted Foxed Cost based on planned volume) Applied to Work in Process Applied based on actual volume Volume Control Varance C 21 Worksheet + o AutoSave OFF S Lab 8 - Chapter 21 ACC 214 Home Insert Draw Page Layout View Formulas Data Review AA == 329 LODI U Arial Currency 10 A Paste BIU FO Face $ % 98 - J52 x fx AB Pnce vanance D E F Quantity vanance 33 24 35 ACTUAL Cost Direct Labor Variance Dividing Data Flexible Bu Actual Quantity Used Standard Qu 38 Actual Quantity Used X 40 Actual Rate per Hour 42 Total Actual Cost Standard Rate per Hour Standard Ra Total Total Rate Variance Efficiency Variance Fixed Manufacturing Overhead 47 ACTUAL Fixed Cost Flexible Bu (Budgeted Fixed Costt Controllable Variance Volume Variance Ch. 21 Worksheet Lab 8 - Chapter 21 ACC 214 Formulas Data Review View Share = A = 2 Currency AYO O A A avar E 1 Conditional Formatting Format as Table Cell Styles Insert Delete Format XEM Sort & Filter Find & Select Ideas E F G Quantity vanance H Direct Labor Variance Dividing Data Flexible Budget (Standard) Actual Quantity Used Standard Quantity Standard Rate per Hour Standard Rate per Hour Total Total Efficiency Variance Fixed Manufacturing Overhead Flexible Budget (Budgeted Fixed Cost based on planned volume) Applied to Work in Process Applied based on actual volume Volume Variance controllable Variance