Please do not give solution in image format thanku Direct Materials Usage Variance, Direct Materials Mix and Yield VariancesVet-Pro, Inc., produces a veterinary grade anti-anxiety mixture for pets with behavioral problems. Two chemical solutions, Aranol andLendyl, are mixed and heated to produce a chemical that is sold to companies that produce the anti-anxiety pills. The mixture isproduced in batches and has the following standards:Direct StandardMaterial MixAranol 3,000Lendyl 17,000TotalYieldAranolLendylTotalYield20,000StandardUnitPricegallons16,000 gallonsDuring March, the following actual production information was provided:DirectMaterialActualMixYield variancegallonsStandardCost$4.00140,0006.0060,000 gallonspergallon200,000 gallons166,000 gallons$Favorable12,000Favorable102,000Required:1. Compute the direct materials mix and yield variances. In your computations, round the standard cost of the yield to 3 decimal places.Use rounded number in the subsequent computations.Mix variance$$2. Compute the total direct materials usage variance for Aranol and Lendyl.$ Favorable$ $114,000

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Description: Please do not give solution in image format thanku Direct Materials Usage Variance, Direct Materials Mix and Yield VariancesVet-Pro, Inc., produces a veterinary grade anti-anxiety mixture for pets with behavioral problems. Two chemical solutions, Ara

Solution:Material Mix Variance= Standard Price x (Standard mix of Material - Actual quantity of…

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Accounting

Direct Materials Usage Variance, Direct Materials Mix and Yield Variances Vet-Pro, Inc., produces a veterinary grade anti-anxiety mixture for pets with behavioral problems. Two chemical solutions, Aranol and Lendyl, are mixed and heated to produce a chemical that is sold to companies that produce the anti-anxiety pills. The mixture is produced in batches and has the following standards: Direct Standard Material Mix Aranol 3,000 Lendyl Total 17,000 Direct Standard Unit Price 20,000 gallons Standard Cost $4.00 6.00 per gallon gallons Yield 16,000 gallons During March, the following actual production information was provided: $ 12,000 102,000 $ $114,000

Direct Materials Usage Variance, Direct Materials Mix and Yield Variances Vet-Pro, Inc., produces a veterinary grade anti-anxiety mixture for pets with behavioral problems. Two chemical solutions, Aranol and Lendyl, are mixed and heated to produce a chemical that is sold to companies that produce the anti-anxiety pills. The mixture is produced in batches and has the following standards: Direct Standard Material Mix Aranol 3,000 Lendyl Total 17,000 Direct Standard Unit Price 20,000 gallons Standard Cost $4.00 6.00 per gallon gallons Yield 16,000 gallons During March, the following actual production information was provided: $ 12,000 102,000 $ $114,000

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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