Question
Please show formulas so I am able to complete similar problems. THANKS! Custom Shirt Company uses a special fabric in the production of dress shirts.
Please show formulas so I am able to complete similar problems. THANKS!
Custom Shirt Company uses a special fabric in the production of dress shirts. During August, Custom Shirt purchased and used 12,300 square yards in the production of 4,000 shirts at a total cost of B8,806,800. (B stands for the Thai baht. There are roughly 30 bahts to a U.S. dollar.) The standard allows three yard(s) at B710 per yard for each shirt.
Calculate the material price variance and the material quantity variance.
Actual cost incurred: Actual Inputs X Actual Prices
Answer: B?
Flexible Budget Based on Actual Inputs X Standard Prices
Answer: B?
Flexible Budget Based on Standard Inputs Allowed for Actual Outputs Achieved X Standard Prices
Answer: B?
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