Team Project #$3(20$ points$)$

Directions: Each team will be required to bake a batch of brownies. The object of the project is to measure your batch of brownies$$ actual

costs versus a set of standard costs that I developed. Each team will be required to purchase a list of ingredients to make the brownies. Note:

you must purchase the exact same quantity of materials as the standards set below. For example, when buying vegetable oil, you need to buy

a $24$ oz$.$ bottle. The team needs to record how long it takes to make the brownies $($from the time your start to combine the ingredients until the

last batch is taken out of the oven$).$ We will only measure the direct materials and direct labor variances. You will be required to enter the

cost information on the respective spreadsheets for direct materials and direct labor. You will be required to input formulas to calculate the

price and quantity variances for direct materials and the rate and efficiency variance for direct labor. The purpose of the project is not to have

zero variances$--$in fact variances are encouraged! Carefully read the directions on each spreadsheet. You will submit the finished project via

Canvas by midnight on the due date.

The ingredients and recipe are listed below:

Ingredients

Ingredient and quantity Standard price

Pre$-$packaged brownie mix $$2\mathrm{.}99$ for $18$ oz$.$ box

Vegetable oil $$3\mathrm{.}49$ for $24$ oz$.$ vegetable oil bottle

Eggs $$1\mathrm{.}49$ for half dozen container

Total cost $$7\mathrm{.}97$

Solve for Rate, Efficiency, and Direct Labor Variances