a. Gallon units produced: 24,000. b. Ounces of materials purchased and used: 2,880,000 ounces at $0.045. C. No beginning or ending inventories of raw materials. Required: Note: Enter favorable values as negative numbers. Enteikunfavorable values as positive numbers. 1. Compute the materials price variance. 2. Compute the materials usage variance. 3. During the second week, the materials usage variance was $4,000 unfavorable and the materials price variance was $24,000 unfavorable. purchased and used 2,105,000 ounces of material during this week. How many gallons of juice were produced? If required, round your answer value.

a. Gallon units produced: 24,000. b. Ounces of materials purchased and used: 2,880,000 ounces at $0.045. C. No beginning or ending inventories of raw materials. Required: Note: Enter favorable values as negative numbers. Enteikunfavorable values as positive numbers. 1. Compute the materials price variance. 2. Compute the materials usage variance. 3. During the second week, the materials usage variance was $4,000 unfavorable and the materials price variance was $24,000 unfavorable. purchased and used 2,105,000 ounces of material during this week. How many gallons of juice were produced? If required, round your answer value.

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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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Concept explainers

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.

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Question

com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false
ter
Login | Common A..
Common Black Co... No Fear Shakespe...
b Hamlet, Prince of...
E 12th Grade PVA H..
O Paraphrasing Tool..
eBook
Manzana Company produces apple juice sold in gallons. Recently, the company adopted the following material standard for one gallon of its apple juice:
Direct materials 128 oz. @ $0.06 = $7.68
%3D
During the first week of operation, the company experienced the following results:
a. Gallon units produced: 24,000.
b. Ounces of materials purchased and used: 2,880,000 ounces at $0.045.
C. No beginning or ending inventories of raw materials.
Required:
Note: Enter favorable values as negative numbers. Entelunfavorable values as positive numbers,
1. Compute the materials price variance.
2. Compute the materials usage variance.
3. During the second week, the materials usage variance was $4,000 unfavorable and the materials price variance was $24,000 unfavorable. The company
purchased and used 2,105,000 ounces of material during this week. How many gailons of juice were produced? If required, round your answer to nearest whole
value.
gallons
What was the actual price paid per ounce of materials? Round your answer to the nearest cent.
per ounce
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