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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 Solved by verified expert
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