Material Variances Harmon Household Products, Inc. manufactures a number of consumer items for general household use. On

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Material Variances Harmon Household Products, Inc. manufactures
a number of consumer items for general household use. One of these
products, a chopping board, requires an expensive hardwood. During
a recent month, the company manufactured 4,000 chopping boards. The
firm purchased and used 11,000 board feet of hardwood. The hardwood
cost the company $18,700. The company’s standards for one chopping
board are 2.5 board feet of hardwood, at a cost of $1.80 per board
foot.
Required:
1. What cost for wood should have been incurred to make 4,000
chopping blocks?
2. Compute the materials price variance, the materials quantity
variance and the total flexible budget variance.