Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following information is available for Waterways Chocolates: Actual production 2,980 boxes Budgeted production 3,630 boxes Direct Materials Standard 1.5 pounds of chocolate per box

The following information is available for Waterways Chocolates:

Actual production 2,980 boxes
Budgeted production 3,630 boxes

Direct Materials
Standard 1.5 pounds of chocolate per box @ $8.01 per pound
Actual 6,610 pounds purchased @ $7.72 per pound
4,820 pounds used @ $7.72 per pound

(a) Calculate the direct materials price and quantity variances. (Round answers to 0 decimal places, e.g. 125. If variance is zero, select "Not Applicable" and enter 0 for the amounts.)

Direct material price variance (favorable/unfavorable/NA)

Direct material quantity variance (favorable/unfavorable/NA)

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_2

Step: 3

blur-text-image_3

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

Financial Accounting And Reporting

Authors: Barry Elliott, Jamie Elliott

5th Edition

0273651560, 978-0273651567

More Books

Students also viewed these Accounting questions

Question

Identify who may be responsible for performance appraisal.

Answered: 1 week ago

Question

Explain the performance appraisal period.

Answered: 1 week ago