Chapter 1, Problem 2RP

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Financial accounting

What is the direct materials price variance?

Alverton Manufacturing's manufacturing overhead is 38% of its total conversion costs. If direct labor is $86,000 and direct materials are $31,000, the manufacturing overhead is __.

Fleetwood Manufacturing has provided the following data for the month of May. The balance in the Finished Goods inventory account at the beginning of the month was $94,200 and at the end of the month was $89,300. The cost of goods manufactured for the month was $428,700. The actual manufacturing overhead cost incurred was $152,800 and the manufacturing overhead cost applied to jobs was $158,400. The adjusted cost of goods sold that would appear on the income statement for May is __.

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The remaining hours are spent on contingency fee cases.

A company developed the following per unit standards for its product: 8 pounds of direct materials at $6.75 per pound. Last month, 52,000 pounds of direct materials were purchased for $364,000, and 49,000 pounds were used in production. What is the direct materials price variance? a. $13,000 unfavorable. b. $12,650 favorable. c. $13,000 favorable. d. $12,650 unfavorable.

I need help finding the accurate solution to this financial accounting problem with valid procedures.