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Show how they did solve see the pictures of the problem Standard Costs MIT Sloan Consider the following information on Beer manufacturing: Expected DM and

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Standard Costs MIT Sloan Consider the following information on Beer manufacturing: Expected DM and DL for producing 1000 gallons of beer Standard Quantity Standard Price Total Raw Materials: Wheat 100 lbs $50.00 per pound 5000 Hops 200 lbs $50.00 per pound 10000 Barley 200 lbs $50.00 per pound 10000 Direct Labor 500 hours $20.00 per hour 10000 Total 35,000Actual results associated with the purchase of 1000 gallons of beer Quantity Quantity used Materials and Total Purchased in Production labor price Raw Materials: Wheat 100 lbs 100 lbs $55.00 per 5500 pound Hops 300 lbs 150 lbs $50.00 per 7500 pound Barley 500 lbs 250 1bs $40.00 per 10000 pound Direct Labor 550 hours $22.00 per hour 12100 Total 35100Raw Material Price Variance: Raw Materials Actual Standard Quantity Total price Price Variance Purchased Valianaa m Raw Material Quantity Variance: Raw Materials Quantity Standard Standard Total Used Quantity Variance Price Variance Wheat ? lbs ? lbs ? Hops ? lbs ? lbs ? Barley ? lbs ? lbs

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