Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
Gills Company produces fish tanks. During the year, 150,000 fish tanks were produced. Materials and labour standards for producing the fish tanks are as follows:Direct
Gills Company produces fish tanks. During the year, 150,000 fish tanks were produced. Materials and labour standards for producing the fish tanks are as follows:Direct materials (2 sheets of glass @ $2 per sheet) — $ 4Direct labour (3 hours @ $8 per hour) — 24The company purchased and used 310,000 sheets of glass at $1. 50 per sheet, and its actual labour hours were 435,000 hours at a wage rate of $8. 50 per hour.Refer to Gills Company. What is the materials price variance?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started