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The Sweet Treats Bakery has a standard cost of $2.25 per pound for flour used in its production process. In October, the bakery purchased 12,000 pounds of flour at $2.40 per pound and used 10,500 pounds to produce 7,000 cakes. There was no beginning inventory of flour. What is the materials price variance for October?

The Sweet Treats Bakery has a standard cost of $2.25 per pound for flour used in its production process. In October, the bakery purchased 12,000 pounds of flour at $2.40 per pound and used 10,500 pounds to produce 7,000 cakes. There was no beginning inventory of flour. What is the materials price variance for October?

Principles of Accounting Volume 2
Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter8: Standard Costs And Variances
Section: Chapter Questions
Problem 5EB: Smith Industries uses a cost system that carries direct materials inventory at a standard cost. The...
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The Sweet Treats Bakery has a standard cost of $2.25 per pound for flour used in its production process. In October, the bakery purchased 12,000 pounds of flour at $2.40 per pound and used 10,500 pounds to produce 7,000 cakes. There was no beginning inventory of flour. What is the materials price variance for October?
Transcribed Image Text:The Sweet Treats Bakery has a standard cost of $2.25 per pound for flour used in its production process. In October, the bakery purchased 12,000 pounds of flour at $2.40 per pound and used 10,500 pounds to produce 7,000 cakes. There was no beginning inventory of flour. What is the materials price variance for October?
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