The following information is available for Waterway's Chocolates: Actual production 4,800 boxes Budgeted production 3,330 boxes Direct Materials Standard Actual 2 pounds of chocolate per box @ $5.00 per pound 8,600 pounds purchased @ $5.10 per pound 9,100 pounds used

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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The following information is available for Waterway's Chocolates:
Actual production
4,800 boxes
Budgeted production 3,330 boxes
Direct Materials
Standard
Actual
2 pounds of chocolate per box @ $5.00 per pound
8,600 pounds purchased @ $5.10 per pound
9,100 pounds used
(a) Calculate the direct materials price and quantity variances.
Direct material price variance
Direct material quantity variance
$
$
Transcribed Image Text:The following information is available for Waterway's Chocolates: Actual production 4,800 boxes Budgeted production 3,330 boxes Direct Materials Standard Actual 2 pounds of chocolate per box @ $5.00 per pound 8,600 pounds purchased @ $5.10 per pound 9,100 pounds used (a) Calculate the direct materials price and quantity variances. Direct material price variance Direct material quantity variance $ $
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