Bellingham Company produces a product that requires 3 standard direct labor hours per unit at a standard hourfy rate of 320.00 per hour. 15,800 units used 64,700 hours at an hourly rate of $19.95 per hour. This information has been collected in the Microsolt Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet What is the direct labor (a) rnte variance, (b) time variance, and (c) cost variance? Round your answers to the nearest dollar, Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct labor variances The following data is provided for Bellingham Company. Using formulas and cell references, perform the required analysis, and input your answers into the green cells in the Amount column. Select the corresponding type of variance in the dropdowns in cells D15 D17. Transfer the numeric results for the green entry cells (C15:C17) into the appropriate fields in CNOWv2 for grading Click to watch the Tel Me More Leaming Objective 2 video and then answer the questions below. 1. The differences between actual and standard costs are called variances. a. cost b. profit c. quantity d. volume 2. A favorable cost variance results when a. actual cost is greater than standard cost at actual volumes. b. actual cost is less than standard cost at actual volumes. c. actual cost is equal to standard cost at actual volumes. d. actual cost is greater than standard cost at budgeted volumes. Direct materials variances Bellingharn Company produces a product that requires 2.3 standard pounds per unit. The standard price is $3.55 per pound. 15,500 units used 35,500 pounds, which were purchased at $3.70 per pound, This information has been collected in the Microsoft Excel Online file, Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet What is the direct materials (a) price variance, (b) quantity variance, and (c) cost variance? Round your answers to the nearest dollar. Enter a favorable variance as a negative number using a minus sign and an unfavorable varlance as a positive number. Direct materials variances The following data is provided for Bellingham Company: Using formulas and cell references, perform the required analysis, and input your answers into the green cells in the Amcunt column. Select the corresponding type of variance in the dropdowns in cells D15 D17. Transfer the. numenc results for the green entry cells (C15.C17) into the appropriate fields in CNOWV2 for grading. Sales, Production, Direct Materials Purchases, and Direct Labor Cost Buets The budget director of Royal Fumiture Company requests estimates of sales, production, and other operating data from the various administrative units every month. Selected information concerning sales and production for february is summarized as follows: a. Estimated sales of King and Prince chairs for February by sales territory: Northern Domestic: king 610 units at $780 per unit Prince 750 units at $550 per unit Southern Domestic: King 340 units at $780 per unit Prince 440 units at $550 per unit International: King 360 units at $850 per unit Prince 290 units at $600 per unit b. Fistimated inventories at February 1 : nient makaidalet c. Desired inventories at February 28; Direct materials: d. Direct materials used in production: In manufacture of Prince: e. Anticipated purchase price for direct materials: f. Direct labor reguirements: 1. Prepare a sales budget for February. 2. Prepare a production budget for February. For those boxes in which you must enter subtracted or negative numbers use a minus sign. 3. Prepare a direct materials purchases budget for February, for those boxes in which you must enter subtracted or negative numbers use a minus sign, 3. Prepare a direct materials purchases budget for February. For those boxes in which you must enter subtracted or negative numbers use a minus sign. 4. Prepare a direct labor cost budpet for February. Click to watch the Tell Me More Learning Objective 1 video and then answer the questions below. 1. Budgeting involves a. establishing specific goals b. executing plans to achieve the goals c. periodically comparing actual results with the goals d. All of these choices are correct. 2. Budgeting affects all of the following managerial functions except 3. planning b. directing c. controlling d. None of these choices are correct