Reference no: EM133028263
Question - Young Incorporated produces vases and gift products. Engineers at Young Incorporated have established the following direct material standards to produce a brass vase.
Direct Material Standard: 1 pound of materials at $5.00 per pound
During April, Young Inc. used 1,050 pounds of direct materials at an actual cost of $5.40 per pound to make 1,000 vases.
REQUIREMENT 1 - Compute the following three variances: direct materials price variance, direct materials quantity variance, and total direct materials cost variance. You will need to share your calculations and solutions in your post. For example: if there is a formula that was used, please share it and the numbers you used to arrive at the solution.
REQUIREMENT 2 - As you review your solutions, identify which department(s) of Young Inc. should be held accountable for each materials variance. You will need to list the department(s) in your response to include which variance that department should be held accountable for.
REQUIREMENT 3 - Brainstorm possible reasons for the variances. You will need to share a minimum of three potential causes for the price variance and the quantity variance. For example: you may give two reasons for the price variance and one for the quantity variance.
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