**Information about Direct Materials Cost for Jennings Chemicals:**- **Standard price per gallon:** $56- **Actual quantity used:** 4,370 gallons- **Standard quantity allowed for production:** 4,400 gallons- **Price variance:** $17,043 Unfavorable (U)**Required:**What was the actual purchase price per gallon?**Note:** Round your answer to 2 decimal places.[Input box for answer]**Actual purchase price:** _____ per gallon

Name: **Information about Direct Materials Cost for Jennings Chemicals:**-
Uploaded: 2024-03-20T06:33:06.000Z
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Description: **Information about Direct Materials Cost for Jennings Chemicals:**- **Standard price per gallon:** $56- **Actual quantity used:** 4,370 gallons- **Standard quantity allowed for production:** 4,400 gallons- **Price variance:** $17,043 Unfavorable (U

Material price variance is difference between standard cost that a business pays for the direct materials it consumes as part of its production to the business’s actual cost of those direct materials. It is calculated to check whether the cost that they have incurred for direct materials is more or less than the standard cost of those direct materials.Jennings ChemicalsPrice variance = (Actual price – Standard price) * Actual quantity used= -$17,043 = (Actual price - $56) * 4,370= Actual price = -$17,043/4,370 + $56= Actual price = -$3.90 + $56Actual purchase price per gallon = $52.10 per gallonSo, the actual purchase price per gallon of direct material is $52.10 for Jennings Chemicals.

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Information about direct materials cost follows for Jennings Chemicals: Standard price per gallon Actual quantity used $ 56 4,370 gallons 4,400 gallons Standard quantity allowed for production Price variance Required: What was the actual purchase price per gallon? Note: Round your answer to 2 decimal places. Actual purchase price per gallon $ 17,043 U

Information about direct materials cost follows for Jennings Chemicals: Standard price per gallon Actual quantity used $ 56 4,370 gallons 4,400 gallons Standard quantity allowed for production Price variance Required: What was the actual purchase price per gallon? Note: Round your answer to 2 decimal places. Actual purchase price per gallon $ 17,043 U

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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