Urban Corporation prepared the following variance report. Fill in the missing am
ID: 2583765 • Letter: U
Question
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
UnfavorableNeither favorable nor unfavorableFavorable
Price increase Storm17 8,600 oz. $ $3.20 $1,720 Unfavorable Rush order Beast29 20,400 units $0.45 $ $816 Favorable Bought larger quantityExplanation / Answer
Rouge 11 Material price variance=Actual quantity purchased*(Standard price-Actual price) 7740 U =Actual quantity purchased*(4.95-5.25) Actual quantity purchased=25800 lbs. Storm 17 Material price variance=Actual quantity purchased*(Standard price-Actual price) 1720 U=8600*(3.20-Actual price) 1720 U=27520-8600 Actual price 8600 Actual price=29240 Actual price=$ 3.4 Beast 29 Material price variance=Actual quantity purchased*(Standard price-Actual price) 816 F=20400*(Standard price-0.45) 816=20400 standard price-9180 Standard price=9996/816=$ 0.49
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