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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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