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 ? U Materials price variance ? Materials spending variance ? U 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 ?

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 ? U Materials price variance ? Materials spending variance ? U 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 ?

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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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	?	U
Materials price variance	?
Materials spending variance	?	U

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	?

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