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Kansas Company uses a standard cost accounting system. In 2017, the company produced 28,300 units. Each unit took several pounds of direct materials and 1.6 standard hours of direct labor at a standard hourly rate of $12.00. Normal capacity was 50,100 direct labor hours. During the year, 131,600 pounds of raw materials were purchased at $0.90 per pound. All materials purchased were used during the year.
Problem 1: If the materials price variance was $3,948 favorable, what was the standard materials price per pound? (Round answer to 2 decimal places, e.g. 2.75.)
Problem 2: If the materials quantity variance was $3,953 unfavorable, what was the standard materials quantity per unit?
The following is the statement of financial position of WW Associates as at 31 Dec 2016. Statement of financial position as at 31 December 2016 $
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