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I5 Part 8 Standard Cost System (Adapted from E10-1] (25 points) Buttons Company makes Cat...

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Accounting

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I5 Part 8 Standard Cost System (Adapted from E10-1] (25 points) Buttons Company makes Cat Leashes. During the last quarter the company manufactured 33,000 Cat Leases, using 25,000 pounds of materials. The materials actually cost the company$ 117,500. According to company cost standards, each Cat Leash should require 0.8 pounds of materials, at a cost of $5.00 per pound. Required 1. Complete the schedule shown below to determine the amount of the Materials Price Variance and The Materials Quantity Variance. 2. Label the columns appropriately for the variances in the heading of the report. 3. Indicate whether each variance is Favorable (F) or Unfavorable (U). 4. Calculate the Standard Cost of materials for each Cat Leash. Show some work to receive full credit. Buttons Company Materials Price and Quantity Variances Standard Quantity Allowed for Output, at Standard Price Materials Actual Quantity of Input, at Materials Actual Quantity of Input, at Actual Price Variance Standard Price Variance $117,500 Show some work to receive full credit. 4. Standard Cost of materials for each Cat Leash. Show work to receive full credit

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