Question: Kraft adopts a standard cost system, which specifies that each product uses a standard of 1 pound direct materials and direct materials' standard price is

Kraft adopts a standard cost system, which specifies that each product uses a standard of 1 pound direct materials and direct materials' standard price is $24 per pound. Kraft produced 4,740 units of products in May. In that month, 5020 pounds of direct materials were purchased and used at the total cost of $135,000. Calculate the direct materials price variance.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

10.14 Table B.11 presents data on the quality of Pinot Noir wine. a. Build an appropriate regression model for quality y using the all- possible-regressions approach. Use Cp as the model selection...

Kraft adopts a standard cost system, which specifies that each product uses a standard of 1 pound direct materials and direct materials' standard price is $25 per pound. Kraft produced 4,730 units of...

Kraft adopts a standard cost system, which specifies that each product uses a standard of 1 pound direct materials and direct materials' standard price is $26 per pound. Kraft produced 4,700 units of...

Kraft adopts a standard cost system, which specifies that each product uses a standard of 1 pound direct materials and direct materials' standard price is $ 2 6 per pound. Kraft produced 4 , 7 9 0...

Kraft adopts a standard cost system, which specifies that each product uses a standard of 1 pound direct materials and direct materials' standard price is 26$ per pound. Kraft produced 4,750 units of...

Kraft adopts a standard cost system, which specifies that each product uses a standard of 1 pound direct materials and direct materials' standard price is $ 2 7 per pound. Kraft produced 4 , 7 2 0...

Kraft adopts a standard cost system, which specifies that each product uses a standard of 1 pound direct materials and direct materials' standard price is $27 per pound. Kraft produced 4,720 units of...

Kraft adopts a standard cost system, which specifles that each product uses a standard of 1 pound direct materials and direct materials' standard price is $26 per pound. Kraft produced 4,790 units of...

Kraft odopts a standard cost system, which specifies that each product uses a standard of 1 pound direct materials and direct materials' standard price is $24 per pound. Kratt produced 4,730 units of...

Desire Corporation received dividends from DuBois, Inc. of $60,000. Desire owns 15% of the stock in DuBois. Desire had taxable income, before taking the dividends received deduction ( DRD) into...

If interest rates fell after the issuance of a bond and the company decided to retire the debt, would you expect the company to report a gain or loss on debt retirement? Describe the financial...

( 8 ) Find the area o f the surface obtained b y rotating about the y - axis the curve x 2 3 + y 2 3 = 1 , 0 y 1 .

Which of the following gives the complete list of the convergent series among I, II, and III? 1 I. 1 II. E ! .. 1 III. I n=1 n n=1 n" n=1 n3

Question 4 What current is required to produce 0.78 grams per hour by the electrolytic reduction Al3+ + 3e- Al?

Question: Suppose that a monopolist faces a demand curve: Q^D=3375P^-3. They have constant marginal costs: MC=10 . a) What is the price elasticity of demand? b) What is the monopoly price? c) What is...

Write a program to wish happy birthday to a student. Firstly, take today month and day as an input and secondly take birthday as an input in the form of month and day. If the input day and month...

2. In this chapter, the reader should reflect on the following concepts: historical reason, goal orientation, core values and top performance.

1. To understand how to set goals in a communication process

11. How often have you passed on to others this type of information, which you have filled in yourself? Never, then you should think again.