Urban Corporation prepared the following variance report. Fill in the missing am

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

Rogue11 lbs. $5.20 $5.00 $5,500 FavorableUnfavorableNeither favorable nor unfavorable Price increase Storm17 7,000 oz. $ $3.30 $1,050 Unfavorable Rush order Beast29 22,000 units $0.40 $ $660 Favorable Bought larger quantity

Explanation / Answer

Rogue11:

Material Price Variance = Actual Quantity ( Standard Price - Actual Price)

$5500 = Actual Quantity ( 5 - 5.2)

Actual Quantity = 27500lbs.

Storm17:

Material Price Variance = Actual Quantity ( Standard Price - Actual Price)

-$1050 = 7000 ( 3.30 - Actual Price)

Actual Price = $3.45

Beast29:

Material Price Variance = Actual Quantity ( Standard Price - Actual Price)

660 = 22000 ( Standard Price - 0.40)

Standard Price = $ 0.43

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