None Ironwood Company manufactures cast-iron barbeque cookware. During a recent windstorm, it lost some of its cost accountingrecords. Ironwood has managed to reconstruct portions of its standard cost system database but is still missing a few pieces ofinformation.Required:Use the information in the table to determine the unknown amounts. You may assume that Ironwood does not keep any rawmaterials on hand.Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zerovariance).Direct MaterialsDirect LaborStandard amount per pan produced2.5 pound1.10 hourStandard price$4.20 per pound$16.00 per hourActual amount used per pan produced2.4 pound1.20 hourActual price$4.10 per pound$15.50 per hourActual number of pans produced and sold2,500 pans2,500 pansDirect materials price varianceDirect materials quantity varianceDirect materials spending varianceDirect labor rate varianceDirect labor efficiency varianceDirect labor spending variance

Name: None Ironwood Company manufactures cast-iron barbeque cookware. During
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: None Ironwood Company manufactures cast-iron barbeque cookware. During a recent windstorm, it lost some of its cost accountingrecords. Ironwood has managed to reconstruct portions of its standard cost system database but is still missing a few pieces

Variance analysis is a technique used in financial and managerial accounting to analyze the…

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Accounting

Ironwood Company manufactures cast-iron barbeque cookware. During a recent windstorm, it lost some of its cost accounting records. Ironwood has managed to reconstruct portions of its standard cost system database but is still missing a few pieces o information. Required: Use the information in the table to determine the unknown amounts. You may assume that Ironwood does not keep any raw materials on hand. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., variance). Direct Materials Direct Labor Standard amount per pan produced 2.5 pound 1.10 hour Standard price $ 4.20 per pound $ 16.00 per hour Actual amount used per pan produced 2.4 pound 1.20 hour Actual price $ 4.10 per pound $ 15.50 per hour Actual number of pans produced and sold 2,500 pans 2,500 pans Direct materials price variance Direct materials quantity variance Direct materials spending variance Direct labor rate variance Direct labor efficiency variance Direct labor spending variance