Dozen Bakery makes cupcakes and cookies. Dozen gathered the following information for the current year regarding its use of flour and butter (flour is a direct material for cupcakes and butter is a direct material for cookies): Flour (Direct Materials) Butter (Direct Materials) Cupcakes Cookies Standard quantity per batch Standard Price (SP) per pound 2 Ibs. 3 lbs. $2.50/lb Actual quantity purchased (AQP) and used per batch (pounds) Actual Price (AP) paid 4 lbs. $3.00/lb. $5.50/lb. Price variance $300 U $1,200 U Quantity variance Flexible budget variance Number of units produced $500 F $3,100 U 400 400 What is the standard price per pound of butter?

Dozen Bakery makes cupcakes and cookies. Dozen gathered the following information for the current year regarding its use of flour and butter (flour is a direct material for cupcakes and butter is a direct material for cookies): Flour (Direct Materials) Butter (Direct Materials) Cupcakes Cookies Standard quantity per batch Standard Price (SP) per pound 2 Ibs. 3 lbs. $2.50/lb Actual quantity purchased (AQP) and used per batch (pounds) Actual Price (AP) paid 4 lbs. $3.00/lb. $5.50/lb. Price variance $300 U $1,200 U Quantity variance Flexible budget variance Number of units produced $500 F $3,100 U 400 400 What is the standard price per pound of butter?

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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