One of the products of Hearts & Flowers is a one-pound box of chocolate candy, packaged in a box bearing the customer's logo (minimum order, 100 boxes). The standard cost of the chocolate candy used is $2 per pound. During November, 20,000 of these one-pound boxes were produced, requir- ing 20,800 pounds of chocolate candy at a total direct materials cost of $42,640. Determine the materials price and quantity variances for November with respect to the candy used in producing this product.
One of the products of Hearts & Flowers is a one-pound box of chocolate candy, packaged in a box bearing the customer's logo (minimum order, 100 boxes). The standard cost of the chocolate candy used is $2 per pound. During November, 20,000 of these one-pound boxes were produced, requir- ing 20,800 pounds of chocolate candy at a total direct materials cost of $42,640. Determine the materials price and quantity variances for November with respect to the candy used in producing this product.
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter20: Inventory Management: Economic Order Quantity, Jit, And The Theory Of Constraints
Section: Chapter Questions
Problem 8E: Melchar Company uses 78,125 pounds of oats each year. The cost of placing an order is 18, and the...
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Transcribed Image Text:One of the products of Hearts & Flowers is a one-pound box of chocolate candy, packaged in a box
bearing the customer's logo (minimum order, 100 boxes). The standard cost of the chocolate candy
used is $2 per pound. During November, 20,000 of these one-pound boxes were produced, requir-
ing 20,800 pounds of chocolate candy at a total direct materials cost of $42,640.
Determine the materials price and quantity variances for November with respect to the candy
used in producing this product.
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