Question 7 View Policies Current Attempt in Progress 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 plantingsprojects. 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 cast data for each project. Project Remington Chane Wyco Total variance Actual Standard Quantity Costs Quantity Costs 520 lbs. $1.248 410 lbs $1,025 400 920 410 1025 580 1.50 470 1.175 Total Variance $223 U 105 F 333 U 5451 U (a Prepare a variance report for the purchasing department. (Round actual and standard price per pound answers to 2 decimal places g. 125) PICARD LANDSCAPING Variance Report - Purchasing Department For the Current Month Actual Pounds Purchased Actual Price Per Pound Standard Price Per Pound Price Project Variance Explanation Remington Chang Wyco Total price variance (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 Department For the Current Month Quantity Standard Price Per Pound Actual Pounds Standard Pounds Project Variance Explanation Remington Chane Wyco Total quantity variance