Exercise 23-15 Burte Corporation prepared the following variance report. Fill in

Question

Exercise 23-15

Burte Corporation prepared the following variance report.

Fill in the missing amounts or letters in the report. (Round price to 2 decimal places, e.g. 2.75.)

BURTE CORPORATION
Variance Report—Purchasing Department
For Week Ended January 9, 2014

Type of
Materials

Quantity
Purchased

Actual
Price

Standard
Price

Price
Variance

Explanation

BURTE CORPORATION
Variance Report—Purchasing Department
For Week Ended January 9, 2014

Type of
Materials

Quantity
Purchased

Actual
Price

Standard
Price

Price
Variance

Explanation

Rogue11 lbs. $5.18 $5.01 $4,114 NAFU Price increase Storm17 4,700 oz. $ $3.29 $658 U Rush order Beast29 20,300 units $0.42 $ $812 F Bought larger quantity

Explanation / Answer

Purchase price variance=(Actual price - Standard price) x Actual quantity

1.Rogue11

$4,114=($5.18-$5.01)*Actual Quantity

Actual quantity*0.17=$4,114

Actual quanity=$4,114/0.17=24,200

2. storm17

$658=4,700*(Atual price-$3.29)

Actual price-$3.29=-$658/4,700=$0.14

Actual price=$0.14+$3.29=$3.43

3. Beast 29

($0.42-SP)*20,300=-$812

$0.42-SP=-$812/20,300=-$0.04

SP=$0.42+$0.04=$0.46

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