Ruby Company produces a chair that requires 5 yards of material per unit. The standard price of one yard of material is $9.10. During the month, 7,200 chairs were manufactured, using 35,300 yards at a cost of $9.65 per yard. Enter favorable variances as negative numbers. (a) Determine the price variance. $fill in the blank 1 (b) Determine the quantity variance. $fill in the blank 3 (c) Determine the cost variance. $fill in the blank 5

Question

09-06-2022
Business

contestada

Ruby Company produces a chair that requires 5 yards of material per unit. The standard price of one yard of material is $9.10. During the month, 7,200 chairs were manufactured, using 35,300 yards at a cost of $9.65 per yard. Enter favorable variances as negative numbers. (a) Determine the price variance. $fill in the blank 1 (b) Determine the quantity variance. $fill in the blank 3 (c) Determine the cost variance. $fill in the blank 5

Respuesta :

Otras preguntas

What is the probability of rolling a six on the first die and and a six on the second die?

Batman does not kill the Joker because A. Batman subscribes more to a subjective ethical system. B. to the Divine Command theory. C. to no ethical system. D

Determine the term life insurance amount per thousand on a 20-year-old male for a 10-year policy given that the face value of the policy is $65,000 and the annu

A leftward shift in the AD curve accompanied by a leftward shift of the AS curve will A. reduce the price level but have an uncertain effect on GDP. B. increa

A laver of liquid 8 floats on liquid A. A ray of light begins in liquid A and undergoes total internal reflection at the interface between the Liquids when the

A random sample of four glass rods is tested and reveals the following breaking strength in pounds: 7, 8, 8, 9. Construct a 95% confidence interval for the true

3 When white light, such as that given by the sun, is passed through a glass prism, a band of light is obtained having different colours and frequencies in seq

The writer has not focused on what the word means in context. A. Too technical B. Too broad C. Too narrow D. Circular

Inacio is an 80-year-old man who has been given three months to live. He has requested to be left alone. When asked, he says that he is not feeling much physica

In 1999, a single taxpayer used this 1998 Schedule X. Let x represent the single taxpayer's taxable income and y represent that taxpayer's tax. Express the tax

suchetasVT suchetasVT · Answer 1 · 2022-06-22T18:08:19+02:00

The price variance for Ruby company is at an unfavorable position that is $19,415, the quantity variance stands at $6,370 (favorable condition) and the cost variance has unfavorable balance that is equal to $13,045.

What is a variance?

A variance in accounting is the distinction between a forecasted quantity and the real quantity. Variances are common in budgeting, however, you may have a variance in something which you forecast.

As per the information, we have to calculate:

a) Price variance: (Standard Price - Actual price) * Actual Quantity

Price variance: ($9.10 - $9.65) * 35,300

Price variance: $0.55 * 35,300

Price variance: $19,415 Unfavorable.

b) Quantity variance = (Standard Quantity - Actual Quantity) * Standard Price

Quantity variance = (7,200 * 5 - 35,300) * $9.10

Quantity variance = (36,000 - 35,300) * $9.10

Quantity variance = $6,370 Favorable.

C) Cost variance = $19,415 Unfavorable + $6,370 Favorable

Cost variance = $13,045 U

Hence, The price variance for Ruby company is at an unfavorable position that is $19,415, the quantity variance stands at $6,370 (favorable condition) and the cost variance has an unfavorable balance that is equal to $13,045.

learn more about variance:

https://brainly.com/question/15858152

#SPJ1