Eyeglass Products, Inc. (EPI) produces eyeglass cleaner products. The company expects to pay $12.90 per kilogram for their raw materials. EPI purchased 4,278 kilograms of materials during the month of July for $11.90 per kilogram. A standard of 2.30 kilograms of material is expected to be used for each eyeglass cleaner product produced. Even though EPI expected to produce 955 finished products, they actually produced 894 finished eyeglass cleaner products during the month of July and used 2,020.20 kilograms of raw materials. Round your final answers to the nearest whole dollar/input code 0 • Enter a favorable variance as a positive number (no sign needed) • Enter an unfavorable variances as a negative number (minus sign in front of the digits) How much is the Price Variance? $ How much is the Quantity Variance?
Eyeglass Products, Inc. (EPI) produces eyeglass cleaner products. The company expects to pay $12.90 per kilogram for their raw materials. EPI purchased 4,278 kilograms of materials during the month of July for $11.90 per kilogram. A standard of 2.30 kilograms of material is expected to be used for each eyeglass cleaner product produced. Even though EPI expected to produce 955 finished products, they actually produced 894 finished eyeglass cleaner products during the month of July and used 2,020.20 kilograms of raw materials. Round your final answers to the nearest whole dollar/input code 0 • Enter a favorable variance as a positive number (no sign needed) • Enter an unfavorable variances as a negative number (minus sign in front of the digits) How much is the Price Variance? $ How much is the Quantity Variance?
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Eyeglass Products, Inc. (EPI) produces eyeglass cleaner products. The company expects to pay
$12.90. per kilogram for their raw materials. EPI purchased 4,278 kilograms of materials during
the month of July for $11.90 per kilogram. A standard of 2.30 kilograms of material is expected to
be used for each eyeglass cleaner product produced. Even though EPI expected to produce 955
finished products, they actually produced 894 finished eyeglass cleaner products during the
month of July and used 2,020.20 kilograms of raw materials.
Round your final answers to the nearest whole dollar/input code 0
• Enter a favorable variance as a positive number (no sign needed)
• Enter an unfavorable variances as a negative number (minus sign in front of the digits)
How much is the Price Variance? $
How much is the Quantity Variance? $
Expert Solution
Step 1: Introduction
The variance is the difference between the actual and standard production data. The variance can be classified as favorable or unfavorable.
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