Lab 8. Chapter 21 ACC 214 Excellent view er Formatos Data Window Help oeven BE . Home Draw Page Layout Formulas Data Review View 10 -A N Wrap Test BIV O -A E Merge ca M62 x fe A B C D E F 1 Name General $ % 2. Conditional Format # G H I J K L M N 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 Excels 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 Direct Labor: #of hours per unit Rate per hour Standard 0.75 $10.25 Actual 0.95 $9.65 Standard Actual 15 Direct Materials of pounds per unit Price per pound $1.50 $1.65 Fixed Costs: Planned Costs Planned $11,600 Actual $12,500 Direct Materials Variance Dividing Data Flexible Budget (Standard) 24 ACTUAL Cost 27 Actual Quantity Used 18,020 Actual Quantity Used 18,020 Standard Quantity 21,200 $1.65 Standard Price per Lb. $1.50 29 Actual Price per Lb. 31 Total Actual Cost Standard Price per Lb $1.50 $29.733.00 Total $27.030.00 531 800.00 Ch. 21 Worksheet e- 5:40 PM ToolDate Window Hela Lab 8. Chapter 21 ACC 214 Vieringen BE Page Layout 10 O om . Formulas -A N A Data Review View 3.2. Excel Files Auta Insert Draw Artel Part 3 BI M62 2X A B Share Com 2.O. General $ % 3 . Margt Case fondo I J K H G L M N O C D E F Direct Materials Variance Dividing Data Flexible Budget (Standard) 24 ACTUAL Cost 27 Actus Quantity Used 21 200 Standard Quantity 18,020 Actual Quantity Used 18,020 $1.50 Standard Price per Lb Standard Price per Lb. $1.50 $165 29 Actual Price per Lb. $31,800.00 Total Total $29.733.00 $27,030.00 31 Total Actual Cost (54,770.00) favourable Quantity Variance Price Variance $2,703.00 adverse Direct Labor Variance Dividing Data Flexible Budget (Standard) 18,020 Actual Quantity Used Standard Quantity 18,020 35 ACTUAL Cost 38 Actual Quantity Used 40 Actual Rate per Hour 42 Total Actual Cost Standard Rate per Hour $10.25 Standard Rate per Hour $0.95 Total $17.119.00 Total Efficiency Variance Rate Variance Fixed Manufacturing Overhead Flexible Budget (Budgeted Fored Cost based on planned volume) $11,600 Applied to Work in Process Applied based on actual volum $12.296 47 ACTUAL Fixed Cost 49 $12.500 Volume 51 Ch. 21 Worksheet + L CN 21 ACC 214 Dr Page Layout Format Data Insert Review View 2:27.0. r gebie $ %Sum .TV - - - E Quantity Variance (94.770.00 favourable Flexible Budget (Standard) 35 ACTUAL Coat Direct Labor Variance Dividing Data Actual Quantity Used 18,020 Standard Quantity 38 Acurity Used Standard Rale per hour 510 25 Standard Rale per Hour 40 Actuate per Hour $0.95 TO 42 Total Actual Cost $17, 119.00 Total Efficiency Variance Rate Variance Fixed Manufacturing Overhead Flexible Budget (Budgeted Fored Cost based on planned volume) $11,500 Applied to Work in Process Applied based on actual volume $12.286 47 ACTUAL Feed Cost $12.500 $900 adverce Controllable Variance H