Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Kolton uses a single raw material in its production process. The material has a standard price of $10 per pound. During November the company purchased

Kolton uses a single raw material in its production process. The material has a standard price of $10 per pound. During November the company purchased and used 15,000 pounds of material. The actual price paid for this material was $9.90 per pound. The standard quantity required per finished product is 8 pounds. Kolton produced 1,900 finished units of the final product in November. How much was the material price variance for November?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

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

Financial Accounting

Authors: Jr. Belverd E. Needles, Marian Powers

9th Edition

0547070020, 978-0547070025

More Books

Students also viewed these Accounting questions