Exercise 23-14 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 plantings projects. 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 cost data for each project. Actual Standard Project Quantity Costs Quantity Costs Total Variance Remington Chang Wyco 530 lbs. 1,272 460 lbs.$1,196 880 410 1,755 540 $76 U 186 F 351 U $241 U 400 1,066 1,404 650 Total variance Prepare a variance report for the purchasing department. (Round actual and standard price per pound answers to 2 decimal places e.g. 1.25.) PICARD LANDSCAPING Variance Report- Purchasing Department For the Current Month Actual Pounds Purchased Standard Price Per Pound Actual Price Per Pound Price Variance Project Remington Chang Wyco Total price vanance Prepare a variance report for the production department. (Round standard price per pound to 2 decimal places, e.g. 1.25.,) PICARD LANDSCAPING Variance Report- Production Department For the Current Month Actual Pounds Standard Pounds Standard Price Per Pound Quantity Variance Project Remingtorn Chang Wyco Total quantity varnance