The following information is available for Waterways Chocolates: Actual production ...
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Accounting
The following information is available for Waterways Chocolates:
Actual production
2,980
boxes
Budgeted production
3,630
boxes
Direct Materials
Standard
1.5 pounds of chocolate per box @ $8.01 per pound
Actual
6,610 pounds purchased @ $7.72 per pound
4,820 pounds used @ $7.72 per pound
(a) Calculate the direct materials price and quantity variances. (Round answers to 0 decimal places, e.g. 125. If variance is zero, select "Not Applicable" and enter 0 for the amounts.)
Direct material price variance
(favorable/unfavorable/NA)
Direct material quantity variance
(favorable/unfavorable/NA)
Answer & Explanation
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