Olthof Company purchased 15,000 pounds of raw materials at $3.00 per pound. The companys standard cost per

Question:

Olthof Company purchased 15,000 pounds of raw materials at $3.00 per pound. The company’s standard cost per pound is $2.50. Calculate the materials price variance for this purchase.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Accounting concepts and applications

ISBN: 978-0538745482

11th Edition

Authors: Albrecht Stice, Stice Swain

See More Books

Question Posted: Dec 28, 2011 03:37 AM

See More Questions

For the 10m long simply supported beam shown, a hollow rectangular section is to be used. The shape of the shear force diagram is also shown below. Take the depth of the section to be 0.6 m.. The...
Ortiz Company has 1,600 pounds of raw materials in its December 31, 2010, ending inventory . Required production for January and February of 2011 are 4,000 and 5,500 units, respectively. Two pounds...
Gutierrez Company has 1,600 pounds of raw materials in its December 31, 2012, ending inventory . Required production for January and February of 2013 are 4,000 and 5,500 units, respectively. Two...
After deducting capital allowances for the year to 31 December 2019, the tax written down values of a company's plant and machinery were as follows: Calculate the capital allowances available for the...
Lena Kuznetsova provides coaching and mentoring services to individuals and companies. She operates the business as a proprietorship, under the name LVK Coaching Services, which has a December 31...
Explain how vibrational spectra can distinguish between cis or trans dichloroethylene.
A Sampling Distribution for Gender in the Rock and Roll Hall of Fame Exercise 3.37 tells us that 47 of the 303 inductees to the Rock and Roll Hall of Fame have been female or have included female...
Various federal agencies impact marketing activities. Research each agency listed below, discuss the elements of marketing that are impacted by that agency, and present a recent marketing case or...
Osprey Co. prepared a master budget for 2021 reflecting indirect material costs of $163,842 based on annual production of 127,179 widgets (the annual production is spread out equally over the twelve...
1. determine the taxable income if the taxpayer is a resident citizen 2. Determine the taxable income if the taxpayer is a resident alien. 3. Determine the taxable income if the taxpayer is a...
Using the following standard quantities and standard rates, calculate the standard costs of direct materials, direct labor, and variable and fixed manufacturing overhead, and determine the total...
Refer to the data in PE 19-5. Make the necessary journal entry to record the cash purchase of the raw materials inventory at standard cost.
Wandering Dago, Inc. (WD), operates a food truck in Albany, New York. WD brands itself and the food it sells with language generally viewed as ethnic slurs. Owners Andrea Loguidice and Brandon...
1. How do readers' schemata affect their comprehension? What are some books (textbooks, novels, etc.) that were challenging for you to read due to your lack of background knowledge of the topic? What...
What do you believe to be optimal stimulation and optimal frustration during Freudian psychosexual stages?
Q1: Discuss the types of interviews. Suppose you have got an invitation for the interview, discuss guidelines for interview preparation in detail. Q2: Write down the "letter of thanks" to the...
how does the two leadership strategies: visionary leadership and transformational leadership, reflect the Chamberlain Care Model .
Please find a job you want to apply for and write cover letter , customize your resume accordingly, 3 References and letter of thanks (assume as you are writing after the interview).
How is network seat allocation different from leg seat allocation?
Use the information given about the angles and to find the exact value of: (a) sin( + ) (b) cos( + ) (c) sin( - ) (d) tan ( + ) (e) sin(2) (f) cos (2) (g) sin /2 (h) cos/2 cos = 4/5, 0 < < /2; cos =...
Discuss the concept of conspicuousness. What does this mean when you are developing your waiver form?
Doritos Company has prepared draft financial results now being reviewed by the accountants. You notice that the financial leverage percentage is negative. You also note that the current ratio is 2.4...
In 2009, Drago Company reported earnings per share of $9.50 when its stock was selling for $228. In 2010, its earnings increased by 13 percent. If all other relationships remain constant, what is the...
Lexis Corporation is considering changing its inventory method from FIFO to LIFO and wants to determine the impact on selected accounting ratios. In general, what impact would you expect on the...
Calculating Present Values Imprudential, Inc., has an unfunded pension liability of $645 million that must be paid in 25 years. To assess the value of the firm's stock, financial analysts want to...
Describe the operating activities of each company noting similarities and difference between COCA COLA & PEPSICO. Identify two economy wide factors and industry wide factors that could impact on the...
The trial balance for a company listed the following account balances at December 31, Year 1, the end of its fiscal year: cash, $36,000; accounts receivable. $31,000; Inventory, $45,000; equipment...

Olthof Company purchased 15,000 pounds of raw materials at $3.00 per pound. The companys standard cost per

Question:

Step by Step Answer:

The materials price variance is 7500 U as shown ...View the full answer

Accounting concepts and applications

Students also viewed these Managerial Accounting questions