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dalvyx [7]
3 years ago
7

A company uses 10000 pounds of materials for which it paid $2 a pound. The materials price variance was $5000 unfavorable. What

is the standard price per pound?
Business
1 answer:
boyakko [2]3 years ago
7 0

Answer:

$1.5 per pound

Explanation:

The computation of the material price variance is shown below:

Material price variance = Actual Quantity ×  Actual Price - Actual Quantity × Standard Price

$5,000 = 10,000 pounds × $2 - 10,000 pounds × Standard price

$5,000 = $20,000 - 10,000 pounds × Standard price

So, the standard price would be

= $15,000 ÷ 10,000 pounds

= $1.5 per pound

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