Requirement 2:

a-1.	What is the materials quantity variance? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).)

a-2.	What is the materials price variance? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).)

b-1.	What is labor efficiency variance? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).)

b-2.	What is labor rate variance? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).)

c-1.	What is variable overhead efficiency variance? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).)

c-2.	What is variable overhead rate variance? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).)

1 Chapter 8: Applying Excel 2 3 Data 4 Exhibit 8-8: Standard Cost Card Inputs Standard QuantityStandard Price $4.00 6 Direct materials 7 Direct labor 8 Variable manufacturing overhead 3.0 pounds 0.50 hours 0.50 hours $22.00 per hour $6.00 per hour 10 Actual results 11 Actual output 12 Actual variable manufacturing overhead cost 2,150 units $6,413 14 15 Actual direct materials cost Actual direct labor cost Actual Quantity 6,530 pounds 1,125 hours Actual price $4.1 pounds $22.1 per hour