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Scorpion4ik [409]
3 years ago
6

Myers Corporation has the following data related to direct materials costs for November: actual cost for 4,650 pounds of materia

l at $5.40 and standard cost for 4,490 pounds of material at $6.20 per pound. The direct materials price variance is a.$992 favorable b.$3,720 unfavorable c.$3,720 favorable d.$992 unfavorable
Business
1 answer:
Nuetrik [128]3 years ago
3 0

Answer:

Direct material price variance= $3,720 favorable

Explanation:

<u>To calculate the direct material price variance, we need to use the following formula:</u>

<u></u>

Direct material price variance= (standard price - actual price)*actual quantity

Actual cost= $5.4

Standard cost= $6.2

Actual quantity= 4,650

Direct material price variance= (6.2 - 5.4)*4,650

Direct material price variance=$3,720 favorable

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Read 2 more answers
Amherst City provides a defined benefit pension plan for employees of the city electric utility, an enterprise fund. Assume that
Sever21 [200]

Answer:

Dr Service cost 245,000

Cr Interest 166,400

Cr Cash 411,400

Dr Plan assets - pension 411,400

Cr Service cost 245,000

Cr Interest 166,400

Explanation:

Preparation of the journal entries to record annual pension expense for the enterprise fund of Amherst City

Since we are Assuming that the plan investments was $184,300 while the service cost component is the sum of $245,000, and interest on the pension liability is the sum of $166,400 for the year this means the Journal entries to record annual pension expense for the enterprise fund of Amherst City will be:

Dr Service cost 245,000

Cr Interest 166,400

Cr Cash 411,400

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(245,000+166,400)

Cr Service cost 245,000

Cr Interest 166,400

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