Phelps Gold manufactures award medals. In August, Phelps produced 5,000 medals, 100 more than expected. During the
Question:
Phelps Gold manufactures award medals. In August, Phelps produced 5,000 medals, 100 more than expected.
During the month, the company purchased 1,100 ounces of gold for $875,000. The standard price for the gold is $800 per ounce. The company actually used 1,000 ounces of gold for production.
Required
Calculate Phelps's direct materials price variance for the month.
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