Peterson Foods (PF) manufactures pumpkin scones. For January 2020, it budgeted $20,000 to purchase 12,500 pounds...

 

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Peterson Foods (PF) manufactures pumpkin scones. For January 2020, it budgeted $20,000 to purchase 12,500 pounds of pumpkin. PF actually purchased 13,000 pounds at $1.72 per pound. Peterson Foods started this year with 2,000 pounds of pumpkin. At the end of January, there were 4,000 pounds of pumpkin left in raw materials inventory. PF budgeted to make 50,000 scones using 12500 pounds of pumpkin but actually made 48,000 scones. a. How many pounds of pumpkin were used? b. What is the standard amount of pumpkin to be used per scone? (The standard input-to-output ratio) c. What is the standard price per pound of pumpkin? d. What is the Direct Materials Price Variance? e. What is the Direct Materials Quantity Variance? [Select] [Select] [Select] [Select] [Select] > Peterson Foods (PF) manufactures pumpkin scones. For January 2020, it budgeted $20,000 to purchase 12,500 pounds of pumpkin. PF actually purchased 13,000 pounds at $1.72 per pound. Peterson Foods started this year with 2,000 pounds of pumpkin. At the end of January, there were 4,000 pounds of pumpkin left in raw materials inventory. PF budgeted to make 50,000 scones using 12500 pounds of pumpkin but actually made 48,000 scones. a. How many pounds of pumpkin were used? b. What is the standard amount of pumpkin to be used per scone? (The standard input-to-output ratio) c. What is the standard price per pound of pumpkin? d. What is the Direct Materials Price Variance? e. What is the Direct Materials Quantity Variance? [Select] [Select] [Select] [Select] [Select] >

Answer rating: 100% (QA)

a The actual amount of pumpkin used can be calculated as follows Actual amount of pumpkin used Begin... View the full answer