[Solved] In a standard costsystem,thematerialspric

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on May 24, 2024

In a standard costsystem,thematerialspricevarianceisobtainedbymultiplyingthe A.Actualpricebythedifferencebetweenactualquantityusedandstandardquantity used. B.Actualquantityusedbythedifferencebetweenstandardpriceandactualprice. C.Standard pricebythedifferencebetween expected quantityand budgeted quantity. D.Actualquantitypurchasedbythedifferencebetweenactualpriceandstandardprice.?

In a standard costsystem,thematerialspricevarianceisobtainedbymultiplyingthe

A.Actualpricebythedifferencebetweenactualquantityusedandstandardquantity used.

B.Actualquantityusedbythedifferencebetweenstandardpriceandactualprice.

C.Standard pricebythedifferencebetween expected quantityand budgeted quantity.

D.Actualquantitypurchasedbythedifferencebetweenactualpriceandstandardprice.?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Core Concepts of Accounting

Authors: Cecily A. Raiborn

2nd edition

ISBN: 470499478, 978-0470499474

More Books

Students also viewed these Accounting questions

Question

In the proposal, the contractor estimated that 50 units of a specialty part are required. Each unit costs $300. There is a minimum buy requirement of 100 units. You contact the vendor and confirm the...

Answered: 1 week ago

Question

★★★★★

Which tools do you think are more powerful for building relationshipscompany-side tools or client-side tools? Why?

Answered: 1 week ago

Question

★★★★★

Which of the following are always post-tax deductions?

Answered: 1 week ago

Question

★★★★★

2.73 Parasites in Foxes A random sample of 100 foxes was examined by a team of veterinarians to determine the prevalence of a particular type of parasite. Counting the number of parasites per fox,...

Answered: 1 week ago

Question

★★★★★

On January 1, 2012, Aspen Company acquired 80 percent of Birch Company's voting stock for $288,000. Birch reported a $300,000 book value and the fair value of the non-controlling interest was $72,000...

Answered: 1 week ago

Question

★★★★★

Identify which accounts should be closed on May 31.

Answered: 1 week ago

Question

★★★★★

On February 12, 2007, Nancy Trout and Delores Lake formed Kingfisher Corporation to sell fishing tackle. Pertinent information regarding Kingfisher is summarized as follows: Kingfisher's business...

Answered: 1 week ago

Question

★★★★★

X Y X - Mx Y- MY (X - Mx) (Y- My) (X - Mx)2 (Y- MY)? 15 195 -3.00 77.50 232.50 9.00 6006.25 15 325 -3.00 52.50 -157.50 9.00 2756.25 13 500 -5.00 227.50 -1137.50 25.00 51756.25 19 315 1.00 42.50 42.50...

Answered: 1 week ago

Question

★★★★★

For this discussion, will reference your course textbook in addition to your results from the Self-Assessment: Which Benefits Are Important to You? Describe the benefits package at your organization...

Answered: 1 week ago

Question

★★★★★

1. Financial institutions use stress tests of CCR as a credit risk which allows them to advance beyond simple stresses of current exposure. These tests permit the accumulation of losses due to loan...

Answered: 1 week ago

Question

★★★★★

Consider a simple 8-bit configuration register, where each bit sets the configuration of 8 different pins ([7...0]), where setting a bit to 0 means configuring input and setting 1 means output: char...

Answered: 1 week ago

Question

★★★★★

Think about French and Raven's model and discuss how you have used power in the past (at work, school, in relationships, or with your family, etc.). Think about a specific example. How did it feel to...

Answered: 1 week ago

Question

★★★★★

Duffing's equation, x+dxx+x =ycos(wt), exhibits chaotic behavior for its parameters in certain ranges. Simulate this equation for (8, y, w) = (0.05, 0.4, 1.3) and plot the phase portrait (i.e., plot...

Answered: 1 week ago

Question

★★★★★

QUESTION 1 Presented below is information related to Jensen Inc. pension plan for 2021. Service cost $1,360,000 Actual return on plan assets 280,000 Interest on projected benefit obligation 520,000...

Answered: 1 week ago

Question

★★★★★

On January 1, 2017, McIlroy, Inc., acquired a 60 percent interest in the common stock of Stinson, Inc., for $340,200. Stinson's book value on that date consisted of common stock of $100,000 and...

Answered: 1 week ago

Question

★★★★★

Cite three examples of unfair labour practices on the part of management and three on the part of unions. LO.1

Answered: 1 week ago

Question

★★★★★

There are three basic ways in which a union can obtain recognition as a bargaining unit for a group of workers: voluntary recognition, the regular certification process, and a pre-hearing vote. LO.1

Answered: 1 week ago

Question

★★★★★

As the LR specialist, what steps would you take to prepare the firm and management team if you believed that a strike was a possible outcome of the upcoming negotiations? LO.1

Answered: 1 week ago

Previous Question Next Question