Financial and Managerial Accounting: BE24-8 One of the products of hearts & flowers

Financial and Managerial Accounting

Brief Exercise 24-8
One of the products of hearts & flowers is a one-pound box of chocolate candy, packaged in a box bearing the customer’s logo (minimum order, 100 boxes). The standard cost of the chocolate candy used is $2 per pound. During November, 20,000 of these one-pound boxes were produced, requiring 20,800 pounds of chocolate candy at a total direct materials cost of $42,640.
Determine the materials price and quantity variances for November with respect to the candy used in producing this product.
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