Delicious Desserts makes cupcakes and cookies. The company gathered the following information for the current year regarding its use of flour and butter (four is a direct material for cupcakes and butteris a direct material for cookies)Standard quantity per batchStandard Price (SP) per poundActual quantity purchased (AQP) and used perbatch (pounds)Actual Price (AP) paidPrice varianceFlour (DirectMaterials)Cupcakes4 lbs$0.301bOA 14 DOB. 0704OC. 0.4OD. 264$1.00?$525 UButter (DirectMatenals)Cookies20?4 bs$1.96/b$1,300 U?Quanety vananceFlexible budget variance7Number of batches produced290The actual direct material quantity used per batch for cupcakes may be closest to$3,000 U600

Variance analysis is difference between actual data and standard data. This helps in analysis of…

Delicious Desserts makes cupcakes and cookies. The company gathered the following information for the current year regarding its use of flour and butter (four is a direct material for cupcakes and butter is a direct material for cookies) Standard quantity per batch Standard Price (SP) per pound Actual quantity purchased (AOP) and used per batch (pounds) Actual Price (AP) paid Price variance Flour (Direct Butter (Direct Materials) Matenals) Cupcakes Cookies 4 lbs 20 $0.301b OA 14 D OB. 07 OC 04 OD. 264 4bs $1.96/ $1,300 U ? Quantity vanance Flexible budget variance 7 $3,000 U 600 Number of batches produced 290 The actual direct material quantty used per batch for cupcakes may be closest to $1.00 ? ? $525 U

Delicious Desserts makes cupcakes and cookies. The company gathered the following information for the current year regarding its use of flour and butter (four is a direct material for cupcakes and butter is a direct material for cookies) Standard quantity per batch Standard Price (SP) per pound Actual quantity purchased (AOP) and used per batch (pounds) Actual Price (AP) paid Price variance Flour (Direct Butter (Direct Materials) Matenals) Cupcakes Cookies 4 lbs 20 $0.301b OA 14 D OB. 07 OC 04 OD. 264 4bs $1.96/ $1,300 U ? Quantity vanance Flexible budget variance 7 $3,000 U 600 Number of batches produced 290 The actual direct material quantty used per batch for cupcakes may be closest to $1.00 ? ? $525 U

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Provide answer of this question
Standard Direct Materials Cost per Unit Crazy Delicious Inc. produces chocolate bars. The primary materials used in producing chocolate bars are cocoa, sugar, and milk. The standard costs for a batch of chocolate (2,800 bars) are as follows: Ingredient Quantity Price Cocoa 540 lbs. $0.30 per lb. Sugar 150 lbs. $0.60 per lb. Milk 120 gal. $1.40 per gal. Determine the standard direct materials cost per bar of chocolate. If required, round to the nearest cent.$per bar
1.
Star me up Inc. manufactures caffeinated energy drink that sells for $4.80 each. The results for its first year of operations appear in the table below:
On November 14, the Milling Department accepted Job 111407A for 1,000 pounds of cereal mix. Materials: Standard Qty. Standard Cost Oats 525 pounds $1.25 per pound Wheat 450 pounds $1.15 per pound Barley 85 pounds $1.45 per pound Malt 65 pounds $2.15 per pound Honey 25 quarts $1.20 per quart Water 25 gallons $0.45 per gallon Time: Miller 4 1/2 hours $22.75 per hour Loader 1 1/2 hours $11.50 per hour Overhead is applied at $5.75 per pound completed. The recipe produced 1,025 pounds of cereal mix. If an amount box does not require an entry, leave it blank. If required, round your answers to the nearest cent. a. Journalize the entry to record the transfer of raw materials to Job 111407A. Nov. 14 Materials fill in the blank ab6eb9009046f9b_2 fill in the blank ab6eb9009046f9b_3 Work in Process fill in the blank ab6eb9009046f9b_5 fill in the blank…
How to do this. Please explain. Thank you.
Question 2 Use the following standard cost card for 1 gallon of ice cream to answer the questions. STANDARD COST CARD Product: Gallon of Ice Cream Standard Cost Manufacturing Cost Information Standard Cost Quantity per Unit Summary Direct Materials Cream 5 quarts $1.15 per quart $0.08 per ounce $36.00 per hour $5.75 Sugar 16 ounces $1.28 Direct Labor 3 minutes $1.80 Total Direct Costs $8.83 Actual direct costs incurred to make 50 gallons of ice cream: 275 quarts of cream at $1.05 per quart 832 ounces of sugar at $0.075 per ounce 165 minutes of labor at $37 per hour All material used was bought during the current period. C. Compute the material and labor variances. D. Comment on the results and possible causes of the variances.
Please do not give image format
Standard Direct Materials Cost per Unit Roanoke Company produces chocolate bars. The primary materials used in producing chocolate bars are cocoa, sugar, and milk. The standard costs for a batch of chocolate (2,600 bars) are as follows: Ingredient Quantity Price Cocoa 480 Ibs. $0.30 per Ib. Sugar 150 Ibs. $0.60 per Ib. Milk 120 gal. $1.30 per gal. Determine the standard direct materials cost per bar of chocolate. If required, round to the nearest cent. per bar
Standard Direct Materials Cost per Unit
Solve all please
Standard Direct Materials Cost per Unit Billingsly Company produces chocolate bars. The primary materials used in producing chocolate bars are cocoa, sugar, and milk. The standard costs for a batch of chocolate (7,100 bars) are as follows: Ingredient Quantity Price Cocoa 600 Ibs. $1.25 per Ib. Sugar 120 Ibs. $0.50 per Ib. Milk 180 gal. $2.60 per gal. Determine the standard direct materials cost per bar of chocolate. Round to two decimal places. $ per bar