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Question: (input price and quantity variances)

Pietro's Pizza has established the following standards for making one pizza:

Dough: 0.45 pounds at $1 per pound

Labor: 0.25 hours at $12 per hour

Actual sales volume for the past month was 14,000 units.

Actual dough and labor quantities and prices were as follows:

Dough: 5,600 pounds (total) at $0.75 per pound

Labor: 4,200 hours (total) at $14 per hour

Required: (enter favorable and unfavorable variances as positive and negative numbers, without F or U)

(a) What are the input price and quantity variances for dough?

input price variance = $ (enter negative numbers with a minus, i.e., negative $100 is -100, not ($100))

input quantity variance = $ (enter negative numbers with a minus)

(b) What are the input price and quantity variances for labor?

input price variance = $ (enter negative numbers with a minus)

input quantity variance = $ (enter negative numbers with a minus)

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92570118

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