Zachary Fruit Drink Company planned to make 202,000 containers of apple juice. It expected to use two cups of frozen a concentrate to make each container of juice, thus using 404,000 cups of frozen concentrate. The standard price of one ct concentrate is $0.23. Zachary actually paid $115,385 to purchase 412,090 cups of concentrate, which was used to make 2 containers of apple juice. Required: b. Compute the actual price per cup of concentrate. (Round your answer to 2 decimal places.) c. Compute the standard quantity (number of cups of concentrate) required to produce the containers. d. Compute the materials price variance and indicate whether it is favorable (F) or unfavorable (U). (Select "None" if there (i.e., zero variance). Round "Price variance" to 2 decimal places.) e. Compute the materials usage variance and indicate whether it is favorable (F) or unfavorable (U). (Select "None" if ther (i.e., zero variance). Round "Usage variance" to 2 decimal places.) b. Actual price per cup Standard quantity cups C. d. Total price variance e. Total usage variance

Zachary Fruit Drink Company planned to make 202,000 containers of apple juice. It expected to use two cups of frozen a concentrate to make each container of juice, thus using 404,000 cups of frozen concentrate. The standard price of one ct concentrate is $0.23. Zachary actually paid $115,385 to purchase 412,090 cups of concentrate, which was used to make 2 containers of apple juice. Required: b. Compute the actual price per cup of concentrate. (Round your answer to 2 decimal places.) c. Compute the standard quantity (number of cups of concentrate) required to produce the containers. d. Compute the materials price variance and indicate whether it is favorable (F) or unfavorable (U). (Select "None" if there (i.e., zero variance). Round "Price variance" to 2 decimal places.) e. Compute the materials usage variance and indicate whether it is favorable (F) or unfavorable (U). (Select "None" if ther (i.e., zero variance). Round "Usage variance" to 2 decimal places.) b. Actual price per cup Standard quantity cups C. d. Total price variance e. Total usage variance

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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