The quality assurance personnel inspect the cookies before they are packaged for sale. Any cookie that fails the inspection is donated to a local food bank. The standard cost card for the entity's cookie is as follows: Baking flour 2,700 grams $10.80 per gram Refined sugar 900 grams $13.20 per gram Yeast 60 grams $30.00 per gram TOTAL 3,660 grams $54.00 per gram Budgeted production of the monster cookies was 1,500 units for the quarter, although actual production was only 1,425 units. The total actual quantities used and their actual costs were: Baking flour 2,604 grams $27,732.60 Refined sugar 912 grams $11,901.60 Yeast 60 grams $ 2,160.00 3,576 grams Required: (a) Calculate the total material price, mix and yield variance for Cookie Factory for the last quarter.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
Please help me to solve this problem
The quality assurance personnel inspect the cookies before they are packaged for sale. Any cookie that fails the
inspection is donated to a local food bank. The standard cost card for the entity's cookie is as follows:
Baking flour
2,700 grams
$10.80 per gram
Refined sugar
900 grams
$13.20 per gram
Yeast
60 grams
$30.00 per gram
TOTAL
3,660 grams
$54.00 per gram
Budgeted production of the monster cookies was 1,500 units for the quarter, although actual production was only
1,425 units. The total actual quantities used and their actual costs were:
Baking flour
2,604 grams
$27,732.60
Refined sugar
912 grams
$11,901.60
Yeast
60 grams
$ 2,160.00
3,576 grams
Required:
(a) Calculate the total material price, mix and yield variance for Cookie Factory for the last quarter.
Transcribed Image Text:The quality assurance personnel inspect the cookies before they are packaged for sale. Any cookie that fails the inspection is donated to a local food bank. The standard cost card for the entity's cookie is as follows: Baking flour 2,700 grams $10.80 per gram Refined sugar 900 grams $13.20 per gram Yeast 60 grams $30.00 per gram TOTAL 3,660 grams $54.00 per gram Budgeted production of the monster cookies was 1,500 units for the quarter, although actual production was only 1,425 units. The total actual quantities used and their actual costs were: Baking flour 2,604 grams $27,732.60 Refined sugar 912 grams $11,901.60 Yeast 60 grams $ 2,160.00 3,576 grams Required: (a) Calculate the total material price, mix and yield variance for Cookie Factory for the last quarter.
Expert Solution
steps

Step by step

Solved in 4 steps with 4 images

Blurred answer
Knowledge Booster
Value Chain Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education