A company uses 40,000 pounds of materials for which it paid $2 apound. The materials price variance was $30,000 unfavorable. What isthe standard price per pound?a. $1.25.b. $0.75.c. $2.00.d. $2.75.

To calculate the standard price per pound, we use the formula for the materials price variance:…

Answered: A company uses 40,000 pounds of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A company uses 40,000 pounds of materials for which it paid $2 a pound. The materials price variance was $30,000 unfavorable. What is the standard price per pound? a. $1.25. b. $0.75. c. $2.00. d. $2.75.