Harmon Household Products, Inc., manufactures a number of consumer items for gen

Question

Harmon Household Products, Inc., manufactures a number of consumer items for general household use. One of these products, a chopping board, requires an expensive hardwood. During a recent month, the company manufactured 3,100 chopping boards using 1,860 board feet of hardwood. The hardwood cost the company $12,276. The company’s standards for one chopping board are 0.54 board feet of hardwood, at a cost of $7.00 per board foot. Required: 1. According to the standards, what cost for wood should have been incurred to make 3,100 chopping blocks? How much greater or less is this than the cost that was incurred?

M Week Four Homework x mon J ezto.mheducationcom/hmtpx?_=0.6932089713606825_144779811635. Number of chopping blocks Number of board feet per chopping block Standard board feet allowed Standard cost per board foot Total standard cost Actual cost incurred Standard cost Spending variance—unfavorable 2. Break down the difference computed in (1) above into a materials price variance and a m quantity variance (Indicate the effect of each variance by selecting "F" for favorable, unfavorable, and "None" for no effect (i.e., zero variance).) Materials price variance Materials quantity variance

Explanation / Answer

Ans)

Total Standred Cost Unit perunit Amount choopping Board 3100 0.54 1674 Board Feet 1860 7 13020 Total Standred Cost 14694 Actual Cost 12276 Actual Cost is less than by 2418 According to Standred cost should be 14694 According to Standred cost should be 14694

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