The following information is available for Crane's Chocolates: Actual production 3,210 boxes Budgeted production 3,710 boxes...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following information is available for Crane's Chocolates: Actual production 3,210 boxes Budgeted production 3,710 boxes Direct Materials Standard 1.5 pounds of chocolate per box @ $8.00 per pound 6,920 pounds purchased @ $7.73 per pound Actual 4,975 pounds used @ $7.73 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 Direct material quantity variance The following information is available for Crane's Chocolates: Actual production 3,210 boxes Budgeted production 3,710 boxes Direct Materials Standard 1.5 pounds of chocolate per box @ $8.00 per pound 6,920 pounds purchased @ $7.73 per pound Actual 4,975 pounds used @ $7.73 per pound (a) Calculate the direct materials price and quantity variances. (Round answers to 0 decimal places, e.g. 125. If variance is zero, select "Not Applicable and enter 0 for the amounts.) Direct material price variance Favorable Direct material quantity variance
Expert Answer:
Related Book For
Introduction to Accounting An Integrated Approach
ISBN: 978-0078136603
6th edition
Authors: Penne Ainsworth, Dan Deines
Posted Date:
Students also viewed these accounting questions
-
The following information is available for Washington Mills Corp. for 2012. Cash used to purchase treasury stock .............$ 48,100 Cash dividends paid .....................21,800 Cash paid for...
-
The following information is available for Gerard Corporation (a) Compute earnings per share for 2012 and 2011 for Gerard, and comment on the change. Gerard??s primary competitor, Thorpe Corporation,...
-
The following information is available for Karr Bowling Alley at December 31, 2012. Prepare a classified statement of financial position; assume that $13,900 of the notes payable will be paid in2013....
-
Identify in which ledger (general or subsidiary) each of the following accounts is shown: 1. Rent Expense 2. Accounts Receivable-Chen 3. Bank Loan Payable 4. Service Revenue 5. Salaries Payable 6....
-
The flow of materials through eight departments is shown on the next page. Even though the table shows flows into and out of the different departments, assume that the direction of flow is not...
-
What factors might an individual investor take into account in determining his or her investment policy?
-
Why is it sometimes necessary to serve a subpoena for production of documents?
-
High-low, regression Pat Flip is the new manager of the materials storeroom for Serth manufacturing. Pat has been asked to estimate future monthly purchase costs for part #4599, used in two of Serths...
-
Tony's favorite memories of his childhood were the times he spent with his dad at camp. Tony was daydreaming of those days a bit as he and Suzie jogged along a nature trail and came across a...
-
Can you make the journal entries for the transactions below: Dec. 1 - Sold merchandise to Argem Day Care Center for P20,000 and received a 3-month, 12% note. 2 - Purchased merchandise from Stephen...
-
The following data are available for the month of April for Dubai Company. The physical count at the end of the month showed that 130 are still available in the store. Date Total cost No. of...
-
During the ice storm, you saw someone had slid off of the road. You pull up to see if they need help. They ask you to help pull them out of the ditch. You do, but as they are being pulled out of the...
-
Write a nonupdateable actor_films_by_year view that displays the following ordered result set from the actor, film_actor, and film tables. | full_name + AKROYD, CHRISTIAN AKROYD, DEBBIE AKROYD,...
-
A chain saw requires 4 hours of assembly and a wood chipper 6 hours. A maximum of 48 hours of assembly time is available. The profit is $150 on a chain saw and $220 on a chipper. How many of each...
-
Solutions Inc. signs a 10-year lease for a building owned by Property Inc. that is appropriately classified as an operating lease by both the lessee and lessor. Lease payments are $150,000 per year....
-
1. What are the network address, broadcast address and the subnet mask of the network includes a host with the IP Address below? IP Address: 181.82.91.152 /24 Network Address: _______________...
-
Morgan Corporation is planning an equity issue to finance a new project. Morgan plans to issue 100,000 shares of stock. Projected after-tax earnings after completion of the project are $2,400,000 and...
-
Using a graphing utility, graph y = cot -1 x.
-
Refer to P8.7. Make the journal entries for the cash payments and expenses during the period.
-
Russell Corporations capital structure consists of $ 5,000,000 of assets and $ 2,000,000 of liabilities. Joe Russell, the corporations CEO and largest shareholder, says that the debt has an average...
-
Hasselback, Inc., produced 175,000 units and prepared the following income report using absorption costing: Required: A. Determine Hasselbacks profit using unit- variable costing. B. Determine...
-
Simulation is helpful in learning vector time series. Define the matrices Use the command to generate 300 observations from the VAR(1) model \[ z_{t}=C z_{t-1}+a_{t} \] where \(a_{t}\) are iid...
-
Use the matrices of Problem 1 and the following command to generate 200 observations from the VMA(1) model, \(\boldsymbol{z}_{t}=\boldsymbol{a}_{t}-\boldsymbol{C} \boldsymbol{a}_{t-1}\), where...
-
The file \(q\)-fdebt.txt contains the U.S. quarterly federal debts held by (a) foreign and international investors, (b) federal reserve banks, and (c) the public. The data are from the Federal...
Study smarter with the SolutionInn App