I attached a picture of the accounting excel problem instructions (on the word document) and a picture of the excel spreadsheet that need the formulas answered.thank you for your help. Data set #2Below you will see three sets of inputs. After inputting all of your formulas, you shouldbe able to use any of these sets of data and have the answers automatically update.Inputs:Data Section:please choose one of the data sets above and input all of the necessary formulas to findthe answers. Once you are done, choose a different data set, enter it into yourspreadsheet, and check the updated answers to ensure that everything is flowingthrough the formulas appropriately. A check answer for each one has been provided.Materials price variance inputActual cost of material per pound (ounce, etc.)Standard cost of mat. per pound (ounce, etc.)$16.10$16.00Materials quantity variance inputActual quantity of materials usedStandard quantity of mat. used for actual output39,50039,000Data set #1Labor rate variance inputActual cost of labor per hourStandard cost of labor per hour$8.10$8.20Inputs:Data Section:Labor efficiency variance inputActual quantity of hours incurredStandard quantity of hours for actual output46,000Materials price variance inputActual cost of material per pound (ounce, etc.)Standard cost of mat. per pound (ounce, etc.)45,600$15.90$16.00Check figure (Total materials and labor variances):Materials quantity variance inputActual quantity of materials usedStandard quantity of mat. used for actual output$10,63039,50038,000Labor rate variance inputData set #3$8.05$8.00Actual cost of labor per hourStandard cost of labor per hourInputs:Labor efficiency variance inputActual quantity of hours incurredStandard quantity of hours for actual outputData Section:44,00045,600Materials price variance inputActual cost of material per pound (ounce, etc.)Standard cost of mat. per pound (ounce, etc.)$25.00$24.50Check figure (Total materials and labor variances):Materials quantity variance inputActual quantity of materials usedStandard quantity of mat. used for actual output"$9,45053,00055,000Labor rate variance inputActual cost of labor per hourStandard cost of labor per hour$17.50$16.00Labor efficiency variance inputActual quantity of hours incurredStandard quantity of hours for actual output50,00052,000Check figure (Total materials and labor variances):$20,500=======| T23fxABDEFGHIJ7ABDE896 Data Section:1078 Materials price variance inputActual cost of material per pound (ounce, etc.)Standard cost of mat. per pound (ounce, etc.)11$15.90$16.001291310141112 Materials quantity variance inputActual quantity of materials used14 Standard quantity of mat. used for actual output151339,50038,0001617181516 Labor rate variance input17 Actual cost of labor per hour18 Standard cost of labor per hour19$8.05$8.002021221923 20 Labor efficiency variance input24 21Actual quantity of hours incurred44,00045,6002522 Standard quantity of hours for actual output26 232724-------28 25 Answer Section:IndicateFor U only29 2630 2731 28 Material price variance32 29 Material quantity variance33 3034 31 Total materials varianceFORMULA1SELECT ONEFORMULA2SELECT ONEFORMULA3 SELECT ONE353236 33 Labor rate variance34 Labor efficiency varianceFORMULA4SELECT ONE37FORMULA5SELECT ONE38353936 Total labor varianceFORMULA6 SELECT ONE40374138 Total materials and labor variancesFORMULA74239=======4340------

The variance is the difference between the actual data and standard output.

6 Data Section: 7 8 Materials price variance input 9 Actual cost of material per pound (ounce, etc.) O tandard cost of mat. per pound (ounce, etc.) $15.90 $16.00 1 2 Materials quantity variance input 3 Actual quantity of materials used 4 Standard quantity of mat. used for actual output 39,500 38,000 6 Labor rate variance input 7 Actual cost of labor per hour 8 Standard cost of labor per hour $8.05 $8.00 9 0 Labor efficiency variance input 1 Actual quantity of hours incurred 2 Standard quantity of hours for actual output 3 4 44,000 45,600 5 Answer Section: Indicate For U only 7 8 Material price variance 9 Material quantity variance SELECT ONE SELECT ONE FORMULA1 FORMULA2 1 Total materials variance FORMULA3 SELECT ONE -2 FORMULA4 FORMULA5 3 Labor rate variance SELECT ONE 4 Labor efficiency variance -5 -6 Total labor variance SELECT ONE FORMULAG SELECT ONE 8 Total materials and labor variances FORMULA7 ==== ------- ---

6 Data Section: 7 8 Materials price variance input 9 Actual cost of material per pound (ounce, etc.) O tandard cost of mat. per pound (ounce, etc.) $15.90 $16.00 1 2 Materials quantity variance input 3 Actual quantity of materials used 4 Standard quantity of mat. used for actual output 39,500 38,000 6 Labor rate variance input 7 Actual cost of labor per hour 8 Standard cost of labor per hour $8.05 $8.00 9 0 Labor efficiency variance input 1 Actual quantity of hours incurred 2 Standard quantity of hours for actual output 3 4 44,000 45,600 5 Answer Section: Indicate For U only 7 8 Material price variance 9 Material quantity variance SELECT ONE SELECT ONE FORMULA1 FORMULA2 1 Total materials variance FORMULA3 SELECT ONE -2 FORMULA4 FORMULA5 3 Labor rate variance SELECT ONE 4 Labor efficiency variance -5 -6 Total labor variance SELECT ONE FORMULAG SELECT ONE 8 Total materials and labor variances FORMULA7 ==== ------- ---

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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--/1 Question 25 View Policies Current Attempt in Progress If a company purchases raw materials on account for $18830 when the standard cost is $15900, it will O debit Materials Quantity Variance for $2930. O debit Materials Price Variance for $2930. O credit Material Quantity Variance for $2930. O credit Materials Price Variance for $2930. Chp ins f12 f11 f10 f9 f8 17 f6 f5 & %3D 00 TO 96
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