Ventura uses a just-in-time (JIT) manufacturing system for all of its materials, components, and products. The master
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Question:
Ventura uses a just-in-time (JIT) manufacturing system for all of its materials, components, and products. The master budget of the company for June called for use of 11,900 square feet of materials, while the flexible budget for the actual output of the month had 11,000 square feet of materials at a standard cost of $10.50 per square foot. Company records show that the actual price paid for the materials used in June was $10.48 per square foot, and that the direct materials purchase-price variance for the month was $1,130.
The actual total quantity of materials purchased during the month was:
56,750
11,900
11,250
11,000
56,500
Related Book For
Fundamentals of Cost Accounting
ISBN: 978-1259565403
5th edition
Authors: William Lanen, Shannon Anderson, Michael Maher
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