Sheridan Company purchased and used 42300 pound of materials in production. It paid $6 per pound for these materials. If the direct materials (DM) price variance was $52875 favorable, what was the standard price per pound? O $4.25 O$9.43 O $7.25 O $5.75

Q: ow to do a P&L statement

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Q: Define special purpose entity (SPE)

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Q: Define carried interest

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Q: Definiton of accounting

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Q: Define T- account.

A: Transaction:   It is an economic event that is recorded in the accounting system of an organisation.…

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A: The IFMIS usually sets up a centralized system to support various management processes.

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Q: Define compound interest

A: Compound interest: Compound interest is the accumulation of interest to the principal amount of a…

Q: What is GAAP in Full

A: GAAP is a combination of set of different policy standards

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Q: Define direct quote

A: A direct quote can be computed using the following formula: Direct quote=1Indirect quote

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Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance. 

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.