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Problem - JIT variances - Natural Gardens makes recyclable pots for plants and uses JIT to manage inventories and production. The following are standards for a typical one-gallon pot:
Annual Material Standards
32 ounces of Component X x $0.02
$0.64
2 ounces of Component Y x $0.05
0.10
$0.74
Current Material Standards
27 ounces of Component X x $0.02
$0.54
4 ounces of Component Y x $0.05
0.20
ln-house experiments indicated that changing the material standard would make the pots stronger, so the company issued an engineering change order for the product in February; this ECO established the current material standards. March production was 12,800 pots. Usage of raw material (all purchased at standard price) in March was 352,000 ounces of Component X and 49,600 ounces of Company Y.
Required - Calculate the material quantity variance and the engineering change order (ECO) material variance.
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