Download the Applying Excel form and enter formulas in all cells that contain question marks.For example, in cell B30 enter the formula "= B20".Notes: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 C31would be "=ABS(E31-B31)".Cells D31 through D39 and G31 through G39 already contain formulas to compute and display whether variances are Favorable or Unfavorable. Do not enter dataor 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.Required:1. Check your worksheet by changing the revenue in cell D4 to $16.00; the cost of ingredients in cell D5 to $6.50; and the wages and salaries in cell B6 to $10,000.The activity variance for net operating income should now be $850 U and the spending variance for total expenses should be $410 U. If you do not get theseanswers, find the errors in your worksheet and correct them.Save your completed Applying Excel form to your computer and then upload it here by clicking “Browse.” Next, click “Save." You will use this worksheet toanswer the questions in Part 2. A1 Chapter 9: Applying Excel23 Data4 Revenue5 Cost of ingredients6 Wages and salaries7 Utilities8 Rent9 Miscellaneous1011 Actual results:12 Revenue13 Cost of ingredients27282930 Meals served31 Revenue32 Expenses:3334353637 Miscellaneous38 Total expenses39 Net operating income40BCost of ingredients$10,400$800$2,200$600Wages and salariesUtilitiesRent$27,920$11,110$10,130$1,080$2,200$2,24014 Wages and salaries15 Utilities16 Rent17 Miscellaneous1819 Planning budget activity20 Actual activity2122 Enter a formula into each of the cells marked with a ? below23 Review Problem: Variance Analysis Using a Flexible Budget2425 Construct a flexible budget performance report261,800 meals served1,700 meals servedActualResults??~.~.~.~.·.~.~.?????+?+?RevenueandSpendingVariances?~.~.~.c.???????D$16.50 q$6.25 q$0.20 q$0.80 qEFlexible ActivityBudget Variances??F????????~.~.~.C.C.S???????HPlanningBudget?????????

Flexible budget is prepared to analyze the actual performance of the company. Variance refers to the…

Chapter 9: Applying Excel Data Revenue Cost of ingredients Wages and salaries Utilities Rent Miscellaneous Actual results: Revenue Cost of ingredients Wages and salaries Utilities Rent Miscellaneous Planning budget activity Actual activity Meals served Revenue Expenses: Cost of ingredients Wages and salaries Utilities Rent $10,400 $800 $2,200 $600 Miscellaneous Total expenses Net operating income $27,920 $11,110 $10,130 $1,080 $2,200 $2,240 Enter a formula into each of the cells marked with a ? below Review Problem: Variance Analysis Using a Flexible Budget Construct a flexible budget performance report 1,800 meals served 1,700 meals served + ? + Revenue and Actual Spending Results Variances ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? $16.50 q $6.25 q $0.20 q $0.80 q Flexible Budget ? ? ? UNNN... ? ? ? ? ? ? Activity Variances ? ? ? ? ? ? ? ? Planning Budget ? ? ? ? ? ? ? ? ?

Chapter 9: Applying Excel Data Revenue Cost of ingredients Wages and salaries Utilities Rent Miscellaneous Actual results: Revenue Cost of ingredients Wages and salaries Utilities Rent Miscellaneous Planning budget activity Actual activity Meals served Revenue Expenses: Cost of ingredients Wages and salaries Utilities Rent $10,400 $800 $2,200 $600 Miscellaneous Total expenses Net operating income $27,920 $11,110 $10,130 $1,080 $2,200 $2,240 Enter a formula into each of the cells marked with a ? below Review Problem: Variance Analysis Using a Flexible Budget Construct a flexible budget performance report 1,800 meals served 1,700 meals served + ? + Revenue and Actual Spending Results Variances ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? $16.50 q $6.25 q $0.20 q $0.80 q Flexible Budget ? ? ? UNNN... ? ? ? ? ? ? Activity Variances ? ? ? ? ? ? ? ? Planning Budget ? ? ? ? ? ? ? ? ?

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter24: Material And Labor Variances (primevar)

Section: Chapter Questions

Problem 3R

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