Question: please answer in excel form Standard costs: Direct materials (10 pounds @ $3 per p Direct labor (2 hours@ $12 per hour) begin{tabular}{|r|r|r|} hline Standard


Standard costs: Direct materials (10 pounds @ \$3 per p Direct labor (2 hours@ \$12 per hour) \begin{tabular}{|r|r|r|} \hline Standard Quantity & Standard Price & Standard Cost \\ \hline 10 & $3.00 & $30 \\ \hline 2 & $12.00 & $24 \\ \hline \multicolumn{2}{|c|}{ Actual Units } & 9,000 \\ \hline \end{tabular} During June the company incurred the following actual costs to produce 9,000 units. AR= Actual Rate SR= Standard Rate AQ= Actual Quantity SQ= Standard Quantity AP= Actual Price 9SP= Standard Price (1) Compute the direct materials price and quantity variances. (Use cells A4 to E11 from the given information to complete this question and Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) (2) Compute the direct labor rate variance and the direct labor efficiency variance. (Use cells A4 to E11 from the given information to complete this question and Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Standard costs: Direct materials (10 pounds @ \$3 per p Direct labor (2 hours@ \$12 per hour) \begin{tabular}{|r|r|r|} \hline Standard Quantity & Standard Price & Standard Cost \\ \hline 10 & $3.00 & $30 \\ \hline 2 & $12.00 & $24 \\ \hline \multicolumn{2}{|c|}{ Actual Units } & 9,000 \\ \hline \end{tabular} During June the company incurred the following actual costs to produce 9,000 units. AR= Actual Rate SR= Standard Rate AQ= Actual Quantity SQ= Standard Quantity AP= Actual Price 9SP= Standard Price (1) Compute the direct materials price and quantity variances. (Use cells A4 to E11 from the given information to complete this question and Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) (2) Compute the direct labor rate variance and the direct labor efficiency variance. (Use cells A4 to E11 from the given information to complete this question and Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.)
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
