A company uses a standard cost system to account for its only product. The materials standard...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
A company uses a standard cost system to account for its only product. The materials standard per unit was 4 lbs. at $5.10 per lb. Operating data for April were as follows: Material used 8,700 lbs. Cost of material used Number of finished units produced The material usage variance for April was? $40,950 2,000 A company uses a standard cost system to account for its only product. The materials standard per unit was 4 lbs. at $5.10 per lb. Operating data for April were as follows: Material used 8,700 lbs. Cost of material used Number of finished units produced The material usage variance for April was? $40,950 2,000
Expert Answer:
Answer rating: 100% (QA)
Step 1 Calculate the standard quantity of material for the ... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
An investor owns stock in two firms, A and B: 250 shares of A, with a current market price of $28/share for a total $7,000 investment value, with an expected return this year of 7.5% 400 shares of B,...
-
Futuristic Fabricators Inc. uses a standard cost system to account for its single product. The standards established for the product include the following: Materials . . . . . . . . . . . . . . . . ....
-
We will be working with a company called Global Bike Inc., (GBI). Information regarding GBI follows. Company History Global Bike Inc. has a pragmatic design philosophy that comes from its deep roots...
-
In Exercises 8194, begin by graphing the absolute value function, f(x) = |x| . Then use transformations of this graph to graph the given function. h(x) = x +31-2
-
A proton (rest energy 938 MeV) has a total energy of 1400 MeV. (a) What is its speed? (b) What is its momentum?
-
Why do barbers in India earn less than U.S. barbers, even when both have the same equipment and know-how?
-
How many forms of main() are there?
-
The Astro World amusement park has the opportunity to expand its size now (the end of year 0) by purchasing adjacent property for $250,000 and adding attractions at a cost of $550,000. This expansion...
-
40-watt bulbs are priced at 3 bulbs for $8. 100-watt bulbs are priced at 2 bulbs for $10. Assume that you had $52 and then bought 4 100-watt bulbs. What is the maximum number of 40-watt bulbs that...
-
Exercise 3.6 The following integral equation for f: [-a, a] R arises in a model of the motion of gas particles on a line: f(x) = 1 + = - - 1 1 + (x y) f (y) dy for -a x a. Prove that this...
-
What rationale underlies the imperative for men to be cognizant of and actively engage with the intricate dynamics within the labyrinth of women's leadership, recognizing its significance in...
-
Assume a Brazilian subsidiary of a multinational corporation owes an Austrian subsidiary $5 million and the Austrian subsidiary simultaneously owes the Brazilian subsidiary $7 million. As the result...
-
Sam the CAM quit and his records were corrupted. All we could salvage were the following bits of information: Budget at Completion (BAC) = $120,000 Cumulative Earned Value (EV) = $40,000 Cost...
-
A taxpayer has calculated most of their return, and realizes that they missed on claiming a deduction for their self-employment tax paid. They are in the 22% bracket, and their total calculated...
-
Directions: Write 4 to 5 sentences for each questions What is the expected value of the licensing arrangement to LAB? Assume a 5% royalty fee on any cash flows that Merck receives from Davanrik after...
-
A taxpayer has a vehicle and wishes to depreciate it. They drove 15,000 miles in total during the year, of which 9,250 were business miles and 1,250 were commuting miles. What ratio is used to...
-
In recent years, the governor of the South African Reserve Bank has reiterated the importance of achieving a competitive level for the rand to attain the desired growth rate. Explain briefly any four...
-
A condenser (heat exchanger) brings 1 kg/s water flow at 10 kPa quality 95% to saturated liquid at 10 kPa, as shown in Fig. P4.91. The cooling is done by lake water at 20C that returns to the lake at...
-
Louisville Lumber Co. processes rough timber to obtain three grades of finished lumber, A, B, and C. The company allocates joint costs to the joint products on the basis of market value. During the...
-
Miracle Manufacturing Inc. uses a job order cost system. A partial list of the accounts being maintained by the company, with their balances as of September 1, follows: Cash . . . . . . . . . . . . ....
-
Last year, Triple Cities Corp. adopted a standard cost system. Labor standards were set on the basis of time studies and prevailing wage rates. Materials standards were determined from materials...
-
Smith Company produces and sells one product for $40 per unit. The company has no beginning inventories. Its variable manufacturing cost per unit is $18 and the variable selling and administrative...
-
Which of the following statements is false? (You may select more than one answer.) a. Under variable costing, only those manufacturing costs that vary with output are treated as product costs. b....
-
Smith Company produces and sells one product for $40 per unit. The company has no beginning inventories. Its variable manufacturing cost per unit is $18 and the variable selling and administrative...
Study smarter with the SolutionInn App