Kansas Company uses a standard cost accounting system. In 2017, the company produced 27,500 units....
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Accounting
Kansas Company uses a standard cost accounting system. In 2017, the company produced 27,500 units. Each unit took several pounds of direct materials and 1.6 standard hours of direct labor at a standard hourly rate of $11.00. Normal capacity was 49,500 direct labor hours. During the year, 130,000 pounds of raw materials were purchased at $0.90 per pound. All materials purchased were used during the year.
If the materials price variance was $1,300 favorable, what was the standard materials price per pound?
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