Ameyuri Ringo Dinners Inc. packages a frozen fish dinner that consists of 9 ounces of halibut, 6 ounces of asparagus, 7.5 ounces of, rice, and 4.5 ounces of yogurt. On October 1, the following price standards were set for each batch of 1,000 dinners: Materials Price Standard P.60 per Item Halibut ounce Asparagus.. Rice .25 .10 Yogurt .20 The actual cost for 1,000 dinners was: halibut, P.70 per ounce; asparagus P.20 per ounce; rice, P.12 per ounce; and yogurt, P.22 per ounce. Quantity variances arise from the cooking process. The materials used for the 1,000 dinners in Batch 1099 were: Halibut 8,250 ounces Asparagus. Rice 5,700 7,350 4.725 Yogurt.. Required: Determine the materials price usage variance and the materials quantify (or Usage) variance for Batch 1099. (Indicate whether each variance is favorable or unfavorable.)
Ameyuri Ringo Dinners Inc. packages a frozen fish dinner that consists of 9 ounces of halibut, 6 ounces of asparagus, 7.5 ounces of, rice, and 4.5 ounces of yogurt. On October 1, the following price standards were set for each batch of 1,000 dinners: Materials Price Standard P.60 per Item Halibut ounce Asparagus.. Rice .25 .10 Yogurt .20 The actual cost for 1,000 dinners was: halibut, P.70 per ounce; asparagus P.20 per ounce; rice, P.12 per ounce; and yogurt, P.22 per ounce. Quantity variances arise from the cooking process. The materials used for the 1,000 dinners in Batch 1099 were: Halibut 8,250 ounces Asparagus. Rice 5,700 7,350 4.725 Yogurt.. Required: Determine the materials price usage variance and the materials quantify (or Usage) variance for Batch 1099. (Indicate whether each variance is favorable or unfavorable.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Ameyuri Ringo Dinners Inc. packages a frozen fish dinner that consists of 9 ounces of
halibut, 6 ounces of asparagus, 7.5 ounces of, rice, and 4.5 ounces of yogurt. On
October 1, the following price standards were set for each batch of 1,000 dinners:
Materials
Price Standard
P.60 per
Item
Halibut
ounce
Asparagus..
Rice
.25
10
Yogurt
.20
The actual cost for 1,000 dinners was: halibut, P.70 per ounce; asparagus P.20 per
ounce; rice, P.12 per ounce; and yogurt, P.22 per ounce.
Quantity variances arise from the cooking process. The materials used for the 1,000
dinners in Batch 1099 were:
Halibut.
8,250 ounces
Asparagus..
Rice
5,700
Yogurt.
7,350
4,725
Required: Determine the materials price usage variance and the materials quantity (or
usage) variance for Batch 1099. (Indicate whether each variance is favorable or
unfavorable.)
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education