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Expert chemical Incorporated uses Chemical A to produce oil products.  Variance data for the month follows (F indicates a favourable variance, U indicates unfavourable variance):

                                                                         Chemical A
Materials Price Variance                                           $84,000 F
Materials Efficiency Variance                                     80,000 U
Net Materials Variance                                              4,000 F
Allowed quantity given the production of oil products    200,000 lbs.

The budget allowed one pound of Chemical A for each pound of oil product requires Chemical A.  For Chemical A, average price paid was $.40 per pound less than standard.  Company purchased and used all of Chemical A in the given period.

1) Compute the number of pounds of Chemical A purchased.

2) Compute the standard cost per pound of Chemical A.

3) Compute the total standard material cost for Chemical A.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M99889

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