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

Question

Exercise 23-15

Urban Corporation prepared the following variance report.

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

URBAN CORPORATION
Variance Report—Purchasing Department
For Week Ended January 9, 2017

Type of
Materials

Quantity
Purchased

Actual
Price

Standard
Price

Price
Variance

Explanation

URBAN CORPORATION
Variance Report—Purchasing Department
For Week Ended January 9, 2017

Type of
Materials

Quantity
Purchased

Actual
Price

Standard
Price

Price
Variance

Explanation

Rogue11

lbs. $5.25 $4.95 $7,500

FavorableNeither favorable nor unfavorableUnfavorable

Price increase Storm17 7,300 oz. $

$3.21 $1,022 Unfavorable Rush order Beast29 22,900 units $0.35 $

$1,145 Favorable Bought larger quantity

Explanation / Answer

Fill in the missing amounts or letters in the report.

Type of materials Quantity purchased Actual price Standard price Price variance explanation Rogue 11 25000 lbs 5.25 4.95 7500 Unfavorable Price variance Storm17 7300 $3.35 3.21 1022 Unfavorable Rush order Beast29 22900 Units 0.35 $0.40 1145 Favorable Bought larger quantity

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