The Glass Vessel Company has established the following budget for producing one of its hand-blown vases: Materials

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The Glass Vessel Company has established the following budget for producing one of its hand-blown vases:
Materials (silica) . 2 pounds @ 1.25 per pound
Labor ...... 1.5 hours @ $15.00 per hour
In March of the most recent year, Glass Vessel produced 300 vases using 650 pounds of materials. Glass Vessel purchased the 650 pounds of materials for $845. Labor costs for March were $7,200 for 480 hours worked.

Required:
a. What were Glass Vessel’s materials price and materials quantity variances for March?
b. What were Glass Vessel’s labor price and labor quantity variances for March?

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Related Book For  book-img-for-question

Managerial accounting

ISBN: 978-0471467854

1st edition

Authors: ramji balakrishnan, k. s i varamakrishnan, Geoffrey b. sprin

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