- Team Project #3 (20 points) Directions: Each team will be required to bake a batch of brownies. The object of the project is to measure your batch of brownies' actual you must purchase the exact same quantity of materials as the standards set below. For example, when buying vegetable oil, you need to buy a 24 oz. bottle. The team needs to record how long it takes to make the cookies (from the time your start to combine the ingredients until the last batch is taken out of the oven). We will only measure the direct materials and direct labor variances. You will be required to enter the cost information on the respective spreadsheets for direct materials and direct labor. You will be required to input formulas to calculate the price and quantity variances for direct materials and the rate and efficiency variance for direct labor. The purpose of the project is not to have gero variances--in fact variances are encouraged! Carefully read the directions on each spreadsheet. The project is due on the date noted in the class timeline. You will submit the finished project via Canvas by midnight on the due date. 15 The ingredients and recipe are listed below: 16 17 18 19 20 Ingredients Ingredient and quantity Pre-packaged brownie mix vegetable oil Eggs Standard price $2.99 for 18 oz. box $3.49 for 24 oz. vegetable oil bottle $1.49 for half dozen container Total cost $7.97 G H I J K L M N 2 Standard Cost 3 Total Cost Actual Cost Total Cost $1.98 5119 $2.79 Total Cost/Batch S 596 11 hake up an arbitrary amount for the quantity, since the only way there would be a quantity variance 12 ome of the ingredients. Make the number is somewhere between 90 and 1.20 (excluding 1.00) 13 Actual Quantity =% over or under standard quantity of materials 15 (for example 1.15 means you used 15% more materials than the standard) Heaterials Variances 17 the highlighted cells with formula in them. Make sure you indicate whether or not the variances are favorable or unfavorable 19 Actual Quantity of Actual Quantity of Inputs, Standard Quantity Allowed 20 puts, at Actual Price at Standard Price for Output, at Standard Price formula 21 formula formula 18 GS Instructions Direct Materials Direct Labor eady G H 4 Standard Quantity Actual Quantity % over or under standard quantity of materials (for example 1.15 means you used 15% more materials than the standard) 6 Direct Materials Variances 7 Note: Insert formulas in the highlighted cels with formula in them. Make sure you indicate whether or not the variances are favorable or unfavorable Actual Quantity of Actual Quantity of Inputs Standard Quantity Allowed Inputs, at Actual Price at Standard Price for Output, at Standard Price formula formula formula SonNooth UNLOC Price Variance formula FawUnfav Quantity Variance formula Faw/Unfav Total Variance formula FawUnfav 1 Rate 2 Note: The rate is quoted per minute of labor. Please make up an arbitrary labor rate per minute for your team and enter it in the highlighted cell. 3 Make the number somewhere between $.40 and $.75 (excluding $.50). 5 Standard Rate/Minute $0.50 Actual Rate/Minute & Efficiency 9 Note: Enter the actual number of minutes your team took to make all the cookies from the time you started putting the ingredients together 10 until the last cookies were taken out of the oven. 11 12 Standard Minutes Allowed 45 minutes Actual Minutes 13 Per Batch Per Batch 16 Direct Labor Variances 17 Note: Insert formulas in the highlighted cells with formula in them. Make sure you indicate whether or not the variances are favorable or unfavorable Actual Minutes of Actual Minutes of Inputs Standard Minutes Allowed Inputs, at Actual Rate at Standard Rate for Output, at Standard Rate formula formula formula Inimatorials Direct labor - Team Project #3 (20 points) Directions: Each team will be required to bake a batch of brownies. The object of the project is to measure your batch of brownies' actual you must purchase the exact same quantity of materials as the standards set below. For example, when buying vegetable oil, you need to buy a 24 oz. bottle. The team needs to record how long it takes to make the cookies (from the time your start to combine the ingredients until the last batch is taken out of the oven). We will only measure the direct materials and direct labor variances. You will be required to enter the cost information on the respective spreadsheets for direct materials and direct labor. You will be required to input formulas to calculate the price and quantity variances for direct materials and the rate and efficiency variance for direct labor. The purpose of the project is not to have gero variances--in fact variances are encouraged! Carefully read the directions on each spreadsheet. The project is due on the date noted in the class timeline. You will submit the finished project via Canvas by midnight on the due date. 15 The ingredients and recipe are listed below: 16 17 18 19 20 Ingredients Ingredient and quantity Pre-packaged brownie mix vegetable oil Eggs Standard price $2.99 for 18 oz. box $3.49 for 24 oz. vegetable oil bottle $1.49 for half dozen container Total cost $7.97 G H I J K L M N 2 Standard Cost 3 Total Cost Actual Cost Total Cost $1.98 5119 $2.79 Total Cost/Batch S 596 11 hake up an arbitrary amount for the quantity, since the only way there would be a quantity variance 12 ome of the ingredients. Make the number is somewhere between 90 and 1.20 (excluding 1.00) 13 Actual Quantity =% over or under standard quantity of materials 15 (for example 1.15 means you used 15% more materials than the standard) Heaterials Variances 17 the highlighted cells with formula in them. Make sure you indicate whether or not the variances are favorable or unfavorable 19 Actual Quantity of Actual Quantity of Inputs, Standard Quantity Allowed 20 puts, at Actual Price at Standard Price for Output, at Standard Price formula 21 formula formula 18 GS Instructions Direct Materials Direct Labor eady G H 4 Standard Quantity Actual Quantity % over or under standard quantity of materials (for example 1.15 means you used 15% more materials than the standard) 6 Direct Materials Variances 7 Note: Insert formulas in the highlighted cels with formula in them. Make sure you indicate whether or not the variances are favorable or unfavorable Actual Quantity of Actual Quantity of Inputs Standard Quantity Allowed Inputs, at Actual Price at Standard Price for Output, at Standard Price formula formula formula SonNooth UNLOC Price Variance formula FawUnfav Quantity Variance formula Faw/Unfav Total Variance formula FawUnfav 1 Rate 2 Note: The rate is quoted per minute of labor. Please make up an arbitrary labor rate per minute for your team and enter it in the highlighted cell. 3 Make the number somewhere between $.40 and $.75 (excluding $.50). 5 Standard Rate/Minute $0.50 Actual Rate/Minute & Efficiency 9 Note: Enter the actual number of minutes your team took to make all the cookies from the time you started putting the ingredients together 10 until the last cookies were taken out of the oven. 11 12 Standard Minutes Allowed 45 minutes Actual Minutes 13 Per Batch Per Batch 16 Direct Labor Variances 17 Note: Insert formulas in the highlighted cells with formula in them. Make sure you indicate whether or not the variances are favorable or unfavorable Actual Minutes of Actual Minutes of Inputs Standard Minutes Allowed Inputs, at Actual Rate at Standard Rate for Output, at Standard Rate formula formula formula Inimatorials Direct labor