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)