Assume the following information (the quantity of materials purchased the quantity used): Actual total cost of direct materials Direct materials price variance Standard quantity of materials allowed per unit Standard price per pound of material Standard rate per direct labor hour Actual total direct labor hours Direct labor efficiency variance Standard number of direct labor hours allowed per unit Direct labor spending variance What is the standard price (SP) per pound of materials? $ 65,560 $ 5,960 U 3 pounds $ 4.00 $ 5.00 6,500 $ 3,500 F 2 hours $ 400 U

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Assume the following information (the quantity of materials purchased the quantity used):
Actual total cost of direct materials
Direct materials price variance
Standard quantity of materials allowed per unit
Standard price per pound of material
Standard rate per direct labor hour
Actual total direct labor hours
Direct labor efficiency variance
Standard number of direct labor hours allowed per unit
Direct labor spending variance
What is the standard price (SP) per pound of materials?
$ 65,560
$ 5,960 U
3 pounds
$ 4.00
$ 5.00
6,500
$ 3,500 F
2 hours
$.400 U
Transcribed Image Text:Assume the following information (the quantity of materials purchased the quantity used): Actual total cost of direct materials Direct materials price variance Standard quantity of materials allowed per unit Standard price per pound of material Standard rate per direct labor hour Actual total direct labor hours Direct labor efficiency variance Standard number of direct labor hours allowed per unit Direct labor spending variance What is the standard price (SP) per pound of materials? $ 65,560 $ 5,960 U 3 pounds $ 4.00 $ 5.00 6,500 $ 3,500 F 2 hours $.400 U
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