Question

Download the Applying Excel form and enter formulas in all cells that contain question marks.

For example, in cell D21 enter the formula "= D6".
Notes:
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In the text, variances are always displayed as positive numbers. To accomplish this, you can use the ABS() function in Excel. For example, the formula in cell B25 would be "=ABS(F21−F22)".

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Cells C25 through C27, C34 through C36, and C43 through C45 already contain formulas to compute and display whether variances are Favorable or Unfavorable. Do not enter data or formulas into those cells—if you do, you will overwrite these formulas.

After entering formulas in all of the cells that contained question marks, verify that the amounts match the numbers in the example in the text.

Check your worksheet by changing the direct materials standard quantity in cell B6 to 2.9 pounds, the direct labor quantity standard quantity in cell B7 to 0.6 hours, and the variable manufacturing overhead in cell B8 to 0.6 hours. The materials spending variance should now be $1,500 U, the labor spending variance should now be $3,720 F, and the variable overhead spending variance should now be $60 F. If you do not get these answers, find the errors in your worksheet and correct them.

Chapter 10: Applying Excel
Data
Exhibit 10-1: Standard Cost Card
Inputs Standard Quantity Standard Price
Direct materials 3.0 pounds $4.00 per pound
Direct labor 0.50 hours $22.00 per hour
Variable manufacturing overhead 0.50 hours $6.00 per hour
Actual results:
Actual output 2,000 units
Actual variable manufacturing overhead cost $7,140
Actual Quantity Actual price
Actual direct materials cost 6,500 pounds $3.80 per pound
Actual direct labor cost 1,050 hours $21.60 per hour
Enter a formula into each of the cells marked with a ? below
Main Example: Chapter 10
Exhibit 10-4: Standard Cost Variance Analysis–Direct Materials
Standard Quantity Allowed for the Actual Output, at Standard Price ? pounds × ? per pound = ?
Actual Quantity of Input, at Standard Price ? pounds × ? per pound = ?
Actual Quantity of Input, at Actual Price ? pounds × ? per pound = ?
Direct materials variances:
Materials quantity variance ?
Materials price variance ?
Materials spending variance ?
Exhibit 10-6: Standard Cost Variance Analysis–Direct Labor
Standard Hours Allowed for the Actual Output, at Standard Rate ? hours × ? per hour = ?
Actual Hours of Input, at Standard Rate ? hours × ? per hour = ?
Actual Hours of Input, at Actual Rate ? hours × ? per hour = ?
Direct labor variances:
Labor efficiency variance ?
Labor rate variance ?
Labor spending variance ?
Exhibit 10-8: Standard Cost Variance Analysis–Variable Manufacturing Overhead
Standard Hours Allowed for the Actual Output, at Standard Rate ? hours × ? per hour = ?
Actual Hours of Input, at Standard Rate ? hours × ? per hour = ?
Actual Hours of Input, at Actual Rate ? hours × ? per hour = ?
Variable overhead variances:
Variable overhead efficiency variance ?
Variable overhead rate variance ?
Variable overhead spending variance ?

Answer 1

To complete this task, enter formulas in cells marked with question marks to calculate values using the given information.

Step-by-step explanation:

To complete this task, you will need to enter formulas in the cells marked with question marks. The formulas will use the given information and calculations to determine the values for each cell.

For example, in cell D21, you would enter the formula "= D6". This formula would copy the value from cell D6 into cell D21.

Follow the instructions provided in the question to enter the correct formulas in each of the cells marked with a question mark. Once you have entered all the formulas, verify that the amounts match the numbers given in the example in the text.

Answer 2

Enter the appropriate formulas in each cell marked with a "?" to calculate the variances in the standard cost variance analysis for direct materials, direct labor, and variable manufacturing overhead.

Step-by-step explanation:

The task involves entering formulas into specific cells marked with a "?" to calculate various variances in a standard cost variance analysis for direct materials, direct labor, and variable manufacturing overhead. The provided guidance includes examples of the formulas to use, such as using the ABS() function for displaying variances as positive numbers. It emphasizes not overwriting existing formulas in certain cells. Additionally, there's a verification step that instructs changing standard quantities and prices to check if the calculated variances match expected results. The formulas involve standard quantities, standard prices, actual quantities, and actual prices for each category, leading to various variances that need calculation.