Round your intermediate calculations and final answer to the nearest cent. The direct materials price variance is
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
Use this information for Stringer Company to answer the question that follow.
The following data are given for Stringer Company:
| Budgeted production | 930 units |
| Actual production | 1,013 units |
| Materials: | |
| Standard price per ounce | $1.85 |
| Standard ounces per completed unit | 10 |
| Actual ounces purchased and used in production | 10,434 |
| Actual price paid for materials | $21,390 |
| Labor: | |
| Standard hourly labor rate | $14.60 per hour |
| Standard hours allowed per completed unit | 4.7 |
| Actual labor hours worked | 5,216.95 |
| Actual total labor costs | $79,558 |
| Actual and budgeted fixed overhead | $1,015,000 |
| Standard variable overhead rate | $25.00 per standard labor hour |
| Actual variable overhead costs | $146,075 |
| Overhead is applied on standard labor hours. |
Round your intermediate calculations and final answer to the nearest cent.
The direct materials price variance is
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