Thomas Company uses a standard cost system and recognizes the materials purchase price variance at the time
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Question:
Thomas Company uses a standard cost system and recognizes the materials purchase price variance at the time materials are purchased. Information for raw materials for Product RBI for the month of October follows:
Standard unit price | $1.80 | |
The actual purchase price per unit | $1.65 | |
Actual quantity purchased | 4,000 | units |
Actual quantity used | 3,900 | units |
The standard quantity allowed for actual production | 3,800 | units |
What are the materials purchase price variance?
Related Book For
Managerial Accounting
ISBN: 978-0697789938
13th Edition
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
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