None Nien Company accumulates the following data concerning rawmaterials in making one gallon of the finished product:1. Price-net purchase price $2.50, freight-in $0.40, and receiving andhandling $0.40.2. Quantity-required materials 2.6 pounds, allowance for waste andspoilage 0.4 pounds.Compute the following.a. Standard direct materials price per gallon.b. Standard direct materials quantity per gallon.c. Total standard materials cost per gallon.

To calculate the requested components, we will use the provided information on price, freight-in,…

Answered: Nien Company accumulates the following…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 7PB: The following data show the units in beginning work in process inventory, the number of units...

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Kingbird Company accumulates the following data concerning raw materials in making one gallon of finished product. (1) Price—net purchase price $2.70, freight-in $0.60, and receiving and handling $0.50. (2) Quantity—required materials 3.50 pounds, allowance for waste and spoilage 0.90 pounds.Compute the following. (Round answers to 2 decimal places, e.g. 1.25.) (a) Standard direct materials price per gallon. $enter the standard direct materials price per gallon in dollars rounded to 2 decimal places (b) Standard direct materials quantity per gallon. enter the standard direct materials quantity per gallon in pounds rounded to 2 decimal places pounds (c) Total standard materials cost per gallon.
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