Problem P11-1 Material Variances Hank's is a chain of 55 coffee shops. The standard amount of ground coffee per cup is 0.80 ounces. During the month of September, the company sold 350,000 cups of coffee (reported via electronic cash registers) and the 55 shops reported using 18,600 pounds of coffee. Also during September, the company purchased 19,000 pounds of coffee at a cost of $290,700 The standard price per pound is $15.00
Compute material price and quantity variances. (Round calculations to 2 decimal places, e.g. 25.21 and the final answers to 0 decimal places, e.g. 5,250.)
part b. Do either or both of the variances warrant investigation? Narrative answer: Enter text answer here.
Please give me your