6 of 11 3.56/15 Picard Landscaping plants grass seed as the basic landscaping for business campuses. During a recent month, the company worked on three projects (Remington, Chang, and Wyco). The company is interested in controlling the materials costs, namely the grass seed, for these plantings projects. In order to provide management with useful cost control information, the company uses standard costs and prepares monthly variance reports. Analysis reveals that the purchasing agent mistakenly purchased poor-quality seed for the Remington project. The Chang project, however, received higher-than-standard-quality seed that was on sale. The Wyco project received standard-quality seed. However, the price had increased and a new employee was used to spread the seed. Shown below are quantity and cost data for each project. Actual Standard Project Quantity Costs Quantity Remington 500 lbs. $1,200 460 lbs. Chang 400 920 410 Costs $1,150 1,025 Total Variance $50 U 105 F Wyco 550 1.430 480 1,200 230 U Total variance $175 U (a) Prepare a variance report for the purchasing department. (Round actual and standard price per pound answers to 2 decimal places eg 1.25) ICARD LANDSCAPING oport Durchseine Ranartmant Prepare a variance report for the purchasing department. (Round actual and standard price per pound answers to 2 decimal places eg 1.25.) Actual Price Per Pound 24 PICARD LANDSCAPIN Variance Report - Purchasing D For the Current Month Standard Price Per Project Actual Pounds Purchased Pound Remington 500 2.5 Chang 400 23 2.5 Wyco 550 2.6 25 Total price variance S (b) Prepare a variance report for the production department. (Round standard price per pound to 2 decimal places, eg. 1.25) PICARD LANDSCAPING Production Dr Variance Report Prepare a variance report for the purchasing department. (Round actual and standard price per pound answers to 2 decimal places e.g. 1.25.) ICARD LANDSCAPING eport-Purchasing Department For the Current Month d r Price Variance 2.5 $ 50 i Favorable 25 -80 Favorable 25 25 55 Unfavorable 5 $ 75 Unfavorable Explanation Purchased Poor-quality Seeds (b) Seeds on Sale Price/lb. Increased Purchased Higher-quality Seeds New Employee Prepare a variance report for the production department. (Round standard price per pound to 2 decimal places, e.g. 1.25.) PICARD LANDSCAPING (b) Prepare a variance report for the production department. (Round standard price per pound to 2 decimal places, eg. 1.25.) PICARD LANDSCAPING Variance Report - Production De For the Current Month Standard Project Actual Pounds Standard Pounds Price Per Pound Remington Chang Wyco Total quantity variance eTextbook and Media Save for Later Last saved 4 hours ago. Attempts: 1 of 3 used Submit Answer 020 Question 6 of 11