A company purchases and uses 80000 gallons of materials for which they paid $11 a...
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Accounting
A company purchases and uses 80000 gallons of materials for which they paid $11 a gallon. The materials price variance was $60000 favorable. What is the standard price per gallon?
$10.25
$0.75
$11.75
$11.00
2. Bramble Corp. manufactures a product with a standard direct labor cost of two hours at $18 per hour. During July, 2400 units were produced using 5300 hours at $18.30 per hour. The labor price variance was
$10590 F.
$10590 U.
$1590 U.
$9000 U.
3. In Waterway Industriess income statement, they report actual gross profit of $53500 and the following variances:
Materials price
$ 420 F
Materials quantity
600 F
Labor price
420 U
Labor quantity
1000 F
Overhead
900 F
Waterway would report gross profit at standard of
$54340.
$47660.
$51000.
$48500.
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