Answered: 1. Create a two way variance analysis…

1. Create a two way variance analysis 1. Price variance favorable or unfavorable 2. Quantity variance favorable or unfavorable 3. Actual price per unit and compute

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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Question

no hndwrtten please thnx

JackJoe, Inc. standard costing provided below. During 20x1. JackJoe Inc. used X (select a variable between 291,000
and 299,000) of raw materials units to produce 200,000 units of finished goods.
and compute
1. Create a two way variance analysis
1. Price variance favorable or unfavorable
2. Quantity variance favorable or unfavorable
3. Actual price per unit
Costing data
Assumptions
Units sold
Raw material units per unit
sold
Actual Quantity of raw
materials
Budgeted raw material cost
per unit
Total Raw material cost
variance - Favorable
20x1
200,000
1.50
X (choose)
$1.07
$5,000

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