Answer:
C.
Explanation:
Because naturally within a market the equilibrium price is trying to be reached, (besides price ceilings and floors imposed by the government), Sellers will naturally push the price downwards because they must compete with each other to make a living. Thus answer C. is correct.
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Answer:
standard price= $5
Explanation:
Giving the following information:
Quantity of direct materials used 3,000 lbs. Actual unit price of direct materials $5.50 per lb. Units of finished product manufactured 1,400 units Standard direct materials per unit of finished product 2 lbs.Direct materials quantity variance-unfavorable $1,000Direct materials price variance-unfavorable $1,500.
Direct material price variance= (standard price - actual price)*actual quantity
-1,500= (SP - 5.5)*3,000
15,000=3,000SP
5= standard price
Direct material quantity variance= (standard quantity - actual quantity)*standard price
Direct material quantity variance= (1400*2 - 3,000)*5
Direct material quantity variance= 1,000 unfavorable
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