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Q1) EggzonMobul Incorporated uses Chemical X to produce oil products.  Variance data for month follows (F indicates a favorable variance, U indicates unfavorable variance):

 

Chemical X

Materials Price Variance

$84,000 F

Materials Efficiency Variance

80,000 U

Net Materials Variance

4,000 F

The allowed quantity given the production of oil products

200,000 lbs.

 Budget allowed one pound of Chemical X for each pound of oil product requiring Chemical X.  For Chemical X, \ average price paid was $.40 per pound less than standard. Company bought and used all of Chemical X in the given period. 

a) Compute number of pounds of Chemical X purchased. 

b) Compute standard cost per pound of Chemical X.

c) Compute total standard material cost for Chemical X.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M917421

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