Quiz 24: P24: Material and Labor Variances Primevar

Business

Review the worksheet indicated in the problem. Review the problem data. Based on the data, calculate the actual cost, standard cost, and the difference for direct materials and direct labor. To do this, you will need to multiply standard rates for materials and labor by the actual number of units produced. Once you have made all the calculations, you should have this information: img

Review the worksheet indicated. Input your data where indicated in the worksheet using your calculations from the given data. When you finish the data section, your worksheet should look like this: img

Open the file indicated in the instructions. Input the information from the worksheet into the data section of the file. In the answers section of the file, enter the formulas to calculate the materials and labor variance for this product using cell references so that the file will automatically update if any data is changed. Use the IF formula to indicate an "F" for a favorable variance and an "U" for unfavorable variance. A positive number is indicative as an unfavorable variance while a negative number indicates a favorable variance. When you have finished both the data and answers section, your file should look like this: img

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