Calculating Variances and Analyzing the Results

I’m trying to learn for my Accounting class and I’m stuck. Can you help?

***Attached is a spreadsheet filled out, please look over, correct if needed and change it around to make it look original. The word doc needs to be minimal, less than 500 words.

While many organizational costs can be planned for, the actual results may vary from the initial projections. Assessing how these variances impact the bottom line is an essential task of many managers.

For this Assignment, review the information in the scenario posted in the entry titled Week 5 Assignment located in the Doc Sharing link. You will utilize the information in this week’s Resources and your course text to consider how variance analysis and the results obtained from conducting such an analysis might impact decision making. There is also an Excel template provided in the same entry in the Doc Sharing link that you may find helpful in completing this Assignment.

The Assignment:

  • Part 1: Calculate all materials and labor variances in a spreadsheet by using a program like Excel. Be sure to include price, quantity, wage rate, and labor efficiency variances.
  • Part 2: Prepare a memo to your subordinate, using a program like Word.
    • Summarize and analyze the actual costs in relation to the standard costs incurred for the month.
    • Ask for clarification of any variances that need to be investigated.

Be sure to include whether alternatives exist for the future of the organization and explain how the results of the variance analysis might influence those alternatives.

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