Use the following standard cost and actual information to calculate the cost of 1 gallon of icecream to answer the questions below.Product: Gallon of Ice CreamManufacturingCost InformationStandardStandard CostCostXQuantity6 quartsSummary$6.00$1.90per Unit$1.00 per quart$38.00 per hourDirect MaterialsDirect Labor3 minutesTotal Direct Costs$7.90Actual costs incurred to make 50 gallons of ice cream:• 275 quarts of cream at $1.05 per gallon• 165 minutes of labor at $37.00 per hour (60 minutes = 1 hour)(b) Calculate the material quantity variance

Material quantity variance is also known as material usage variance. Formula: = ( Standard quantity…

Answered: (b) Calculate the material quantity…

Business

Accounting

(b) Calculate the material quantity variance

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 10PB: Use the following standard cost card for 1 gallon of ice cream to answer the questions. Actual...

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