Burte Corporation prepared the following variance report. Fill in the missing am
ID: 2453673 • Letter: B
Question
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
Rogue11
?
lbs.
$5.22
$5.02
$5,420
F or U?
Price increase
Storm17
7,000
oz.
$ ?
$3.25
$840
U
Rush order
Beast29
21,000
units
$0.42
$______
$1,050
F
Bought larger quantity
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.
$5.22
$5.02
$5,420
F or U?
Price increase
Storm17
7,000
oz.
$ ?
$3.25
$840
U
Rush order
Beast29
21,000
units
$0.42
$______
$1,050
F
Bought larger quantity
Explanation / Answer
Price Variance = Actual Quantity x Actual Price - Actual Quantity x Standard Price
Or Price Variance = Actual Quantity(Actual Price – Standard Price)
Rugue 11
Since price has increased Price Variance will be Unfavourable (U)
5420 = Actual Quantity (5.22-5.02)
Actual Quantity = 5420/0.20
Actual Quantity = 27100 lbs
Storm 17
840 = 7000(Actual Price-3.25)
Actual Price = 3.37
Beast29
-1050 = 21000(0.42-Standard Price)
Standard Price = 0.47
Price Variance = Actual Quantity x Actual Price - Actual Quantity x Standard Price
Or Price Variance = Actual Quantity(Actual Price – Standard Price)
Rugue 11
Since price has increased Price Variance will be Unfavourable (U)
5420 = Actual Quantity (5.22-5.02)
Actual Quantity = 5420/0.20
Actual Quantity = 27100 lbs
Storm 17
840 = 7000(Actual Price-3.25)
Actual Price = 3.37
Beast29
-1050 = 21000(0.42-Standard Price)
Standard Price = 0.47
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.