Ironwood Company manufactures castiron barbeque cookware. During a recent windstorm, it lost some of its cost accounting records. Ironwood has managed to reconstruct portions of its standard cost system database but is still missing a few pieces of information.
Required:
Use the information in the table to determine the unknown amounts. You may assume that Ironwood does not keep any raw materials on hand.
Note: Indicate the effect of each variance by selecting F for favorable, U for unfavorable, and "None" for no effect ie zero variance
tableDirect Materials,Direct LaborStandard amount per pan produced,pound,,hourStandard price,per pound,$per hourActual amount used per pan produced,pound,,hourActual price,per pound,$per hourActual number of pans produced and sold,pans,,pansDirect materials price varianceDirect materials quantity varianceDirect materials spending varianceDirect labor rate varianceDirect labor efficiency varianceDirect labor spending variance,,,,,
