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Oklahoma Manufacturing Company uses a standard cost accounting system. In 2012, the company produced 28,200 units. Each unit took several pounds of direct materials and 1½ standard hours of direct labor at a standard hourly rate of $11.00. Normal capacity was 50,020 direct labor hours. During the year, 130,600 pounds of raw materials were purchased at $0.92 per pound. All materials purchased were used during the year.

If the materials price variance was $1,306 favorable, what was the standard materials price per pound?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9960164

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