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One of the products of Hearts & Flowers is a one-pound box of chocolate candy, packaged in a box bearing the customer's logo (minimum order, 100 boxes). The standard cost of the chocolate candy used is $2 per pound. During November, 20,000 of these one-pound boxes were produced, requir- ing 20,800 pounds of chocolate candy at a total direct materials cost of $42,640. Determine the materials price and quantity variances for November with respect to the candy used in producing this product.

One of the products of Hearts & Flowers is a one-pound box of chocolate candy, packaged in a box bearing the customer's logo (minimum order, 100 boxes). The standard cost of the chocolate candy used is $2 per pound. During November, 20,000 of these one-pound boxes were produced, requir- ing 20,800 pounds of chocolate candy at a total direct materials cost of $42,640. Determine the materials price and quantity variances for November with respect to the candy used in producing this product.

FINANCIAL ACCOUNTING
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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One of the products of Hearts & Flowers is a one-pound box of chocolate candy, packaged in a box bearing the customer's logo (minimum order, 100 boxes). The standard cost of the chocolate candy used is $2 per pound. During November, 20,000 of these one-pound boxes were produced, requir- ing 20,800 pounds of chocolate candy at a total direct materials cost of $42,640. Determine the materials price and quantity variances for November with respect to the candy used in producing this product.
Transcribed Image Text:One of the products of Hearts & Flowers is a one-pound box of chocolate candy, packaged in a box bearing the customer's logo (minimum order, 100 boxes). The standard cost of the chocolate candy used is $2 per pound. During November, 20,000 of these one-pound boxes were produced, requir- ing 20,800 pounds of chocolate candy at a total direct materials cost of $42,640. Determine the materials price and quantity variances for November with respect to the candy used in producing this product.
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