Fantastic Feeder Products Inc. manufactures high-quality wooden cutting boards sold to restaurants and gourmet home cooks. One ofthese boards, the CertiPro II, requires an expensive hardwood. During a recent month, the company manufactured 1,200 CertiPro I|cutting boards using 540 metres of hardwood. The hardwood cost the company $2,970.The company's standards for one CertiPro Il cutting board are 0.4 metres of hardwood, at a cost of $5.00 per metre.Required:1-a. What cost for wood should have been incurred to make 1.200 CertiPro |l cutting boards?Total standard cost1-b. How much greater or less is this than the cost that was incurred? (Indicate the effect of variance by selecting "F" for favourable,"U" for unfavourable, and "None" for no effect (i.e., zero variance).)Total variance 2. Break down the difference computed in requirement 1-b above into a materials price variance and a materials quantity variance.(Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zerovariance).)Price varianceQuantity variance

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Fantastic Feeder Products Inc. manufactures high-quality wooden cutting boards sold to restaurants and gourmet home cooks. One of these boards, the CertiPro II, requires an expensive hardwood. During a recent month, the company manufactured 1,200 CertiPro I| cutting boards using 540 metres of hardwood. The hardwood cost the company $2,970. The company's standards for one CertiPro Il cutting board are 0.4 metres of hardwood, at a cost of $5.00 per metre. Required. 1-a. What cost for wood should have been incurred to make 1,200 CertiPro Il cutting boards? Total standard cost 1-b. How much greater or less is this than the cost that was incurred? (Indicate the effect of variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance).) Total variance

Fantastic Feeder Products Inc. manufactures high-quality wooden cutting boards sold to restaurants and gourmet home cooks. One of these boards, the CertiPro II, requires an expensive hardwood. During a recent month, the company manufactured 1,200 CertiPro I| cutting boards using 540 metres of hardwood. The hardwood cost the company $2,970. The company's standards for one CertiPro Il cutting board are 0.4 metres of hardwood, at a cost of $5.00 per metre. Required. 1-a. What cost for wood should have been incurred to make 1,200 CertiPro Il cutting boards? Total standard cost 1-b. How much greater or less is this than the cost that was incurred? (Indicate the effect of variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance).) Total variance

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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