Trusted by Students Everywhere
Why Choose Us?
0% AI Guarantee

Human-written only.

24/7 Support

Anytime, anywhere.

Plagiarism Free

100% Original.

Expert Tutors

Masters & PhDs.

100% Confidential

Your privacy matters.

On-Time Delivery

Never miss a deadline.

 Determining materials price and usage variances LO 8-6 Monique's Florals produced a special Mother's Day arrangement that included eight roses

Accounting Nov 29, 2020

 Determining materials price and usage variances LO 8-6 Monique's Florals produced a special Mother's Day arrangement that included eight roses. The standard and actual costs of the roses used in each arrangement follow BO Average number of roses per arrangement Price per rose Cost of roses per arrangement Standard 9.10 x $0.00 $8.19 Actual 9.50 x 50.84 $7.90 Monique's Florals planned to make 805 arrangements but actually made 900 Required o. Determine the total flexible budget materials variance and indicate whether it is favorable (F) or unfavorable (0) b. Determine the materials price variance and indicate whether it is favorable (F) or unfavorable (0) c. Determine the materials usage variance and indicate whether its favorable (F) or unfavorable (0) d. Confirm the accuracy of Requirements a, b, and by showing that the sum of the price and usage variances equals the total Variance
Complete this question by entering your answers in the tabs below Req A to C Req D Determine the total flexible budget materials variance, materials price variar whether it is favorable (F) or unfavorable (U). (Select "None" if there is no e 2 decimal places.) ?. Total flexible budget materials variance b. Total materials price variance C Total materials usage variance
"piele question by entering your answers in the tabs below. Req A to C Reg D Confirm the accuracy of Requirements a, b, and c by showing that the sum o variance. (Select "None" if there is no effect (i.e., zero variance). Round your Price variance Usage variance Total variance

Expert Solution

Actual material used = 900 actual arrangements*9.50 roses per arrangement

=8,550 roses

Standard material= 900*9.10 roses standard set per arrangement

=8,190 roses

a] Total flexible budget Material variance = [ Actual arrangement * Actual price ] -[ Actual arrangement * Standard price ]

=900*$7.98 - 900*$8.19

=$7,182-$7,371

=$189 favorable [ as the actual price< standard , variance is favorable]

b] Material price variance =Actual quantity (standard rate-actual rate]

=8,550 ($0.90-$0.84)

=8,550*$0.06

=$513 favorable [ as the actual price< standard the variance is favorable]189

c] material usage variance

=Standard price(Stanard quantity-Actual quantity)

=$0.90 (8,190-8,550)

=$0.90*360

=$324 unfavorable [a s the acual quantity used > standard set, the variance is unfavorable]

d]

  Price variance $513 F      
  Usage variance $324 U      
  Total variance $189 F      
             
Archived Solution
Unlocked Solution

You have full access to this solution. To save a copy with all formatting and attachments, use the button below.

Already a member? Sign In
Important Note: This solution is from our archive and has been purchased by others. Submitting it as-is may trigger plagiarism detection. Use it for reference only.

For ready-to-submit work, please order a fresh solution below.

Or get 100% fresh solution
Get Custom Quote
Secure Payment