Stuart Fruit Basket Company makes baskets of assorted fruit. The standard and actual costs of oranges used in each basket of fruit follow. Standard Actual 9.40 Average number of oranges per basket Price per orange 9.00 x $0.30 x $0.25 Cost of oranges per basket $2.70 $2.35 Stuart actually produced 26,500 baskets. Required a. Determine the materials price variance and indicate whether it is favorable (F) or unfavorable (U). b. Determine the materials usage variance and indicate whether it is favorable (F) or unfavorable (U). (For all requirements, Select "None" if there is no effect (i.e., zero variance).) a. Total materials price variance b. Total materials usage variance

Stuart Fruit Basket Company makes baskets of assorted fruit. The standard and actual costs of oranges used in each basket of fruit follow. Standard Actual 9.40 Average number of oranges per basket Price per orange 9.00 x $0.30 x $0.25 Cost of oranges per basket $2.70 $2.35 Stuart actually produced 26,500 baskets. Required a. Determine the materials price variance and indicate whether it is favorable (F) or unfavorable (U). b. Determine the materials usage variance and indicate whether it is favorable (F) or unfavorable (U). (For all requirements, Select "None" if there is no effect (i.e., zero variance).) a. Total materials price variance b. Total materials usage variance

Name: Stuart Fruit Basket Company makes baskets of assorted fruit. The stan
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Stuart Fruit Basket Company makes baskets of assorted fruit. The standard and actual costs of oranges used in eachbasket of fruit follow.StandardActual9.40Average number of oranges per basketPrice per orange9.00x $0.30x $0.25Cost of oranges per bask

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Need help ASAP! Thanks for the help!
See attached image Required:Calculate Parker Plastic’s direct materials price and quantity variances. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).)
Condiments Company uses standards to control its materials costs. Assume that a batch of ketchup (1,400 pounds) has the following standards: Standard Quantity Standard Price Whole tomatoes 2,300 lbs. $ 0.52 per lb. Vinegar 130 gal. $ 3.20 per gal. Corn syrup 11 gal. $ 11.60 per gal. Salt 52 lbs. $ 2.90 per lb. The actual materials in a batch may vary from the standard due to tomato characteristics. Assume that the actual quantities of materials for batch K-111 were as follows: 2,400 lbs. of tomatoes 125 gal. of vinegar 12 gal. of corn syrup 51 lbs. of salt a. Determine the standard unit materials cost per pound for a standard batch. If required, round amounts to the nearest cent. Ingredient Standard Cost per Batch Whole tomatoes $ Vinegar $ Corn syrup $ Salt $ Total $ Standard unit materials cost per pound $ b. Determine the direct materials quantity variance for batch K-111. If required, round amounts to the nearest cent. Enter a…
Standard Product Cost, Direct Materials Variance Condiments Company uses standards to control its materials costs. Assume that a batch of ketchup (2,100 pounds) has the following standards: Whole tomatoes Vinegar Corn syrup Salt 3,600 lbs. of tomatoes 192 gal. of vinegar 18 gal. of corn syrup 79 lbs. of salt The actual materials in a batch may vary from the standard due to tomato characteristics. Assume that the actual quantities of materials for batch 08-99 were as follows: Ingredient Whole tomatoes Vinegar Corn syrup a. Determine the standard unit materials cost per pound for a standard batch. If required, round amounts to the nearest cent. Salt Standard Quantity 3,500 lbs. 200 gal. 17 gal. 80 lbs. Total Standard unit materials cost per pound Ingredient Standard Price $0.52 per lb. Whole tomatoes 3.20 per gal. 11.60 per gal. 2.90 per lb. b. Determine the direct materials quantity variance for batch 08-99. If required, round amounts to the nearest cent. Enter a favorable variance as a…
Please help me with all answers I will give upvote thanku
Don't give solution in image format..
Parallel Enterprises has collected the following data on one of its products. During the period the company produced 25,000 units. The direct materials quantity variance is: Direct materials standard (7 Kilogram @ $2/Kilogram) Actual cost of materials purchased Actual direct materials purchased and used Multiple Choice $50,000 favorable. $22.500 unfavorable. $27,500 unfavorable. $50,000 unfavorable $22.500 favorable
Please help me with correct answer thanku
Assume the following: • The standard price per pound is $2.35. • The standard quantity of pounds allowed per unit of finished goods is 4 pounds. • The actual quantity of materials purchased was 53,000 pounds, whereas the quantity of materials used in production was 50,700 pounds. • The actual purchase price per pound of materials was $2.25. • The company produced 13,000 units of finished goods during the period. What is the materials quantity variance? Multiple Choice O о O $3,055 F $5,175 F $2,925 F $5,405 F
Provide answer the question
please help and explain as well
Tip Top Corp. produces a product that requires nine standard gallons per unit. The standard price is $8.5 per gallon. If 4,600 units required 42,200 gallons, which were purchased at $8.07 per gallon, what is the direct materials (a) price variance, (b) quantity variance, and (c) cost variance?