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Exercise 3 Anders Painting Service specializes in painting tall office buildings. During a recent month, the company worked on three painting projects (the Arrow Building, the Besler Building and the Cartwright Building). The company is interested in controlling the materials costs, namely the paint, used for these painting contracts 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 paint for the Arrow Building project. The Besler Building project, however, received higher- than-standard-quality paint that was on sale. The Cartwright Building project received standard-quality paint. However, the price had increased and a new employee was used to paint the building. Shown below are quantity and cost data for each project. Actual Standard Total Project Quantity Costs Quantity Costs Variance Arrow Building 3,750 gallons $285,000 3,500 gallons $280,000 $5,000 U Besler Building 3,800 $296,400 4,000 $320,000 23,600 F Cartwright Building 4,500 $369,000 4,200 $336,000 33.000 U Total variance $14.400 U Instructions (a) Prepare a variance report for the purchasing department with the following columns: (1) Project, (2) Actual Gallons Purchased, (3) Actual Price, (4) Standard Price, (5) Price Variance, and (6) Explanation. (b) Prepare a variance report for the production department with the following columns: (1) Project, (2) Actual Gallons, (3) Standard Gallons, (4) Standard Price, (5) Quantity Variance, and (6) Explanation. (c) In an effort to improve performance, Anders Painting Service found a new supplier that sold average quality paint. The initial quantity and cost data for each project is below: Actual Standard Total Proiect. Quantity Costs Quantity Costs Variance Arrow Building 3,650 gallons $286,525 3,500 gallons $280,000 $ 6,525 U Besler Building 3,800 $298,300 4,000 $320,000 21,700 F Cartwright Building 4,350 $341,475 4,200 $336,000 5.475 U Total variance $ 9.700 F (1) Prepare a variance report for the purchasing department with the following columns: (1) Project, (2) Actual Gallons Purchased, (3) Actual Price, (4) Standard Price. (5) Price Variance, and (6) Explanation. (2) Prepare a variance report for the production department with the following columns: (1) Project, (2) Actual Gallons, (3) Standard Gallons, (4) Standard Price, (5) Quantity Variance, and (6) Explanation. (3) Discuss whether the change to the new supplier is beneficial to Anders Painting Service and why or why not