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Picard Landscaping plants grass seed as the basic landscaping for business campuses. During a recent month, the company worked on three projects (Remington, Chang, and Wyco). The company is interested in controlling the materials costs, namely the grass seed, for these plantings projects. In order to provide management with useful cost control information, the company uses standard costs and prepares monthly variance reports. Analysis re that the purchasing agent mistakenly purchased poor-quality seed for the Remington project. The Chang project, however, received higher-than-standard- quality seed that was on sale. The Wyco project received standard-quality seed. However, the price had increased and a new employee was used to spread seed. Shown below are quantity and cost data for each project. Actual Project Remington Chang Wyco Total variance Standard Quantity 530 lbs. $1,272 400 880 600 1,620 Costs Quantity 440 lbs. 410 500 Costs $1,144 1,066 1,300 Total Variance $128 U 186 F 320 U $262 U

Picard Landscaping plants grass seed as the basic landscaping for business campuses. During a recent month, the company worked on three projects (Remington, Chang, and Wyco). The company is interested in controlling the materials costs, namely the grass seed, for these plantings projects. In order to provide management with useful cost control information, the company uses standard costs and prepares monthly variance reports. Analysis re that the purchasing agent mistakenly purchased poor-quality seed for the Remington project. The Chang project, however, received higher-than-standard- quality seed that was on sale. The Wyco project received standard-quality seed. However, the price had increased and a new employee was used to spread seed. Shown below are quantity and cost data for each project. Actual Project Remington Chang Wyco Total variance Standard Quantity 530 lbs. $1,272 400 880 600 1,620 Costs Quantity 440 lbs. 410 500 Costs $1,144 1,066 1,300 Total Variance $128 U 186 F 320 U $262 U

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Picard Landscaping plants grass seed as the basic landscaping for business campuses. During a recent month, the company worked on three projects (Remington, Chang, and Wyco). The company is interested in controlling the materials costs, namely the grass seed, for these plantings projects. In order to provide management with useful cost control information, the company uses standard costs and prepares monthly variance reports. Analysis reveals that the purchasing agent mistakenly purchased poor-quality seed for the Remington project. The Chang project, however, received higher-than-standard- quality seed that was on sale. The Wyco project received standard-quality seed. However, the price had increased and a new employee was used to spread the seed. Shown below are quantity and cost data for each project. Actual Project Remington Chang Wyco Total variance Quantity Costs 530 lbs. $1,272 400 880 600 1,620 500 Standard Quantity 440 lbs. 410 Costs $1,144 1,066 1,300 Total Variance $128 U 186 F 320 U $262 U
Transcribed Image Text:Picard Landscaping plants grass seed as the basic landscaping for business campuses. During a recent month, the company worked on three projects (Remington, Chang, and Wyco). The company is interested in controlling the materials costs, namely the grass seed, for these plantings projects. In order to provide management with useful cost control information, the company uses standard costs and prepares monthly variance reports. Analysis reveals that the purchasing agent mistakenly purchased poor-quality seed for the Remington project. The Chang project, however, received higher-than-standard- quality seed that was on sale. The Wyco project received standard-quality seed. However, the price had increased and a new employee was used to spread the seed. Shown below are quantity and cost data for each project. Actual Project Remington Chang Wyco Total variance Quantity Costs 530 lbs. $1,272 400 880 600 1,620 500 Standard Quantity 440 lbs. 410 Costs $1,144 1,066 1,300 Total Variance $128 U 186 F 320 U $262 U
(a) Prepare a variance report for the purchasing department. (Round actual and standard price per pound answers to 2 decimal places e.g. 1.25.) Project Remington Chang Wyco Total price variance Project Remington Actual Pounds Purchased Chang Wyco Total quantity variance PICARD LANDSCAPING Variance Report - Purchasing Department For the Current Month Actual Pounds Actual Price Per Pound (b) Prepare a variance report for the production department. (Round standard price per pound to 2 decimal places, e.g. 1.25.) PICARD LANDSCAPING Variance Report - Production Department For the Current Month $ Standard Pounds Standard Price Per Pound $ Standard Price Per Pound Price Variance Quantity Variance C
Transcribed Image Text:(a) Prepare a variance report for the purchasing department. (Round actual and standard price per pound answers to 2 decimal places e.g. 1.25.) Project Remington Chang Wyco Total price variance Project Remington Actual Pounds Purchased Chang Wyco Total quantity variance PICARD LANDSCAPING Variance Report - Purchasing Department For the Current Month Actual Pounds Actual Price Per Pound (b) Prepare a variance report for the production department. (Round standard price per pound to 2 decimal places, e.g. 1.25.) PICARD LANDSCAPING Variance Report - Production Department For the Current Month $ Standard Pounds Standard Price Per Pound $ Standard Price Per Pound Price Variance Quantity Variance C
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