Standards call for 2 meters of the raw material for each, Ask an Expert

Accounting

In October, 5,000 meters of raw material were purchased at an actual cost of $4.50 per meter. During October, 4,850 meters of the raw material were used to produce 2,400 units of the completed product. Standards call for 2 meters of the raw material for each unit of the completed product. The standard price of the rate material is $4.70 per meter. The materials variances for October were:

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9449030

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question - larkspur inc reported the following in its 2017

Question - Larkspur, Inc. reported the following in its 2017 and 2016 income statements. 2017 2016 Net sales $183,000 $146,400 Cost of goods sold 109,750 87,750 Operating expenses 39,000 19,500 Income tax expenses 22,0 ...

Question - ethics classification of income statement

Question - ETHICS (Classification of Income Statement Items) As audit partner for Grupo and Rijo, you are in charge of reviewing the classification of unusual items that have occurred during the current year. The followi ...

Question - henry company physical inventory on december 31

Question - Henry Company, physical inventory on December 31, 2017, merchandise with a cost of $439,670 was on hand at that date. Following items were all excluded from the $439,670. 1. Merchandise of $65,330 which is hel ...

Question - mr garrett a single taxpayer has 16000 agi

Question - Mr. Garrett, a single taxpayer, has $16,000 AGI. Assume the taxable year is 2018. Use Standard Deduction Table. Married filing jointly and surviving spouses - $24,000 Married filing separately - 12,000 Head of ...

Question - beyer company is considering the purchase of an

Question - Beyer Company is considering the purchase of an asset for $180,000. It is expected to produce the following net cash flows. The cash flows occur evenly within each year. Assume that Beyer requires a 9% return ...

Question - buffalo industries markets cds of numerous

Question - Buffalo Industries markets CDs of numerous performing artists. At the beginning of March, Buffalo Industries had in beginning inventory 2,670 CDs with a unit cost of $7. During March, Buffalo Industries made t ...

Question - a husband and wife received 7200 of social

Question - A husband and wife received $7,200 of social security benefits What is the taxable amount if the husband and wife's provisional income is $33,000? What is the taxable amount if the husband and wife's provision ...

Question - what is the present value of 7160 to be received

Question - What is the present value of $7,160 to be received at the end of each of 18 periods, discounted at 5% compound interest?

Question - great outdoze company manufactures sleeping bags

Question - Great Outdoze Company manufactures sleeping bags, which sell for $65 each. The variable costs of production are as follows: Direct material$20 Direct labor 11 Variable manufacturing overhead 8 Budgeted fixed o ...

Question - what are the steps to finding the current stock

Question - What are the steps to finding the current stock price if dividend is $.6 at the end of the year, rate of return is 10.5% and growth rate is 7.7%?

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert