April Industries employs a standard costing system in the manufacturing of its sole product, a park bench. They purchased 50,000 feet of raw material for $200,000, and it takes 6 feet of raw materials to produce one park bench. In August, the company produced 9,000 park benches. The standard cost for material output was $108,000, and there was an unfavorable direct materials quantity variance of $6,000. A. What is April Industries' standard price for one unit of material? Standard cost per unit $ B. What was the total number of units of material used to produce the August output? Actual quantity feet 57,000 V Units C. What was the direct materials price variance for August? Direct materials price variance $ 4 x Unfavorable v

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Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.