Fausto Company employs a standard cost system in which direct materials inventory is carried at...
80.2K
Verified Solution
Link Copied!
Question
Accounting
Fausto Company employs a standard cost system in which direct materials inventory is carried at standard cost. The company has established the following standard for the materials costs of one unit of product Standard Standard Quantity PriceStandard Cost 6.0 pounds $8.00/pound $48.00 During June, the company purchased 175,000 pounds of direct material at a total cost of $1,417,500. The company manufactured 35,000 units of product during June using 211,400 pounds of direct materials. The price variance for the direct materials acquired by the company during June is: (Do not round intermediate calculations.)
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
