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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![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
$
$](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff1e02f15-268d-402d-b4f7-688ecb0604a4%2F806b9ea5-9366-4223-b179-26f7f5dd4a5e%2F89afac_processed.png&w=3840&q=75)
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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