Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Monique's Florals produced a special Mother's Day arrangement that included eight roses. The standard and actual costs of the roses used in each arrangement follow:

image text in transcribed

Monique's Florals produced a special Mother's Day arrangement that included eight roses. The standard and actual costs of the roses used in each arrangement follow: Average number of roses per arrangement Price per rose Cost of roses per arrangement Standard 8.0 x $0.50 $4.00 Actual 8.25 X $0.48 $3.96 Monique's Florals planned to make 750 arrangements but actually made 790 Required a. Determine the total flexible budget materials variance and indicate whether it is favorable (F) or unfavorable (U). b. Determine the materials price variance and indicate whether it is favorable (F) or unfavorable (U). c. Determine the materials usage variance and indicate whether it is favorable (F) or unfavorable (U). d. Confirm the accuracy of Requirements a, b, and c by showing that the sum of the price and usage variances equals the total variance. Complete this question by entering your answers in the tabs below. Req A to C Reg D Confirm the accuracy of Requirements a, b, and c by showing that the sum of the price and usage variances equals the total variance. (Select "None" if there is no effect i.e., zero variance). Round your answers to 2 decimal places.) $ Price variance Usage variance 31.60 F 130.35 F 98.75 U $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Wiley Federal Government Auditing Laws Regulations Standards And Practices

Authors: Edward F. Kearney, Roldan Fernandez, Jeffrey W. Green, David M. Zavada

2nd Edition

1118555856, 978-1118555859

More Books

Students also viewed these Accounting questions