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Determining Price and Quantity Variances

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Question: One of the products of Hearts and Flowers is a one pound box of chocolate candy, packaged in a box bearing the customers logo (minimum order 100 boxes). The standard cost of the chocolate candy used is $2 per pound. During November 20,000 of these one pound boxes were produced, requiring 20,800 pounds of chocolate candy at a total direct materials cost of $42,640. Determine the materials price and quantity variances for November with respect to the candy used in producing this product.

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Solution Summary

The expert determines price and quantity variances for products of Heart and Flowers.

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