Pietro's Pizza has established the following standards for making one pizza:
Dough: 0.65 pounds at $1 per pound
Labor: 0.35 hours at $10 per hour
Actual sales volume for the past month was 8,000 units. Actual dough and labor quantities and prices were as follows:
Dough: 4,000 pounds (total) at $0.5 per pound
Labor: 3,200 hours (total) at $13 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 = $ 1 (enter negative numbers with a minus, i.e., negative $100 is -100, not ($100))
input quantity variance = $ 2 (enter negative numbers with a minus)
(b) What are the input price and quantity variances for labor?
input price variance = $ 3 (enter negative numbers with a minus)
input quantity variance = $ 4 (enter negative numbers with a minus)