Materials purchase price variance

Reference no: EM13154606

Matt Company uses a standard cost system. Information for raw materials for Product RBI for the month of October follows:

Standard price per pound of raw materials $1.69

Actual purchase price per pound of raw materials $1.51

Actual quantity of raw materials purchased 2,180 pounds

Actual quantity of raw materials used 2,080 pounds

Standard quantity allowed for actual production 1,980 pounds

What is the materials purchase price variance?

$402.40 favorable

$392.40 favorable

$392.40 unfavorable

$407.40 unfavorable

Reference no: EM13154606

Questions Cloud

How many seconds are required : How many seconds are required to produce 1.0 g of silver metal by the electrolysis of a AgNO3 solution using a current of 30 amps?

Determining payback period for new machine : The firm will use straight-line depreciation for the new machine over 10 years with no residual value. What is the payback period for the new machine?

A couple both carry a recessive : A couple both carry a recessive gene for albinism, meaning the probability of any child being albino is ¼. The couple plans to have 4 children. What is the probability that two of their four children will be albino? Calculate the expected mean and ex..

Formulate a hypothesis statement regarding research issue : the research team to identify if accounts with larger balances consistently take advantage of their additional services. Formulate a hypothesis statement regarding our research issue.

Materials purchase price variance : Matt Company uses a standard cost system. Information for raw materials for Product RBI for the month of October follows:

A fast food arrives at a fast drive : A fast food arrives at a fast drive through rest restaurant 6 minutes after it opens and then the arrival times for the next four customers in order are 3minutes, 8 minutes, 2 minute, and 5minutes.

Problem related to useful life and no salvage value : In addition, Austin estimates that the new machine will increase the company's annual net cash inflows by $35,000. The machine will have a 12-year useful life and no salvage value.

Government and not-for-profit accounting : Write a one-page Memo (double-spaced) to a non-financial audience in which you explain how increasing scrutiny (careful examination) and demand for accountability by the public has impacted reporting for not-for-profit and governmental entities.

Calculate the expenditure multiplier : What would the government surplus/deficit be, what would the trade balance be and what changes would occur if G were increased to $941?

User Account

All Pages