Miller Manufacturing Corporation has the following information regarding direct materials:
Actual pounds of direct materials
purchased and used 47,000
Standard quantity of direct materials 2.5 pounds per finished good
Actual production 20,000 finished goods
Direct materials quantity variance $11,500 F
Direct materials price variance $ 9,400 U
Compute Miller's standard price per pound and actual price per pound of direct materials.

Question

Quizplus · Accepted Answer

The Answer of Miller Manufacturing Corporation has the following information regarding direct materials:
Actual pounds of direct materials
purchased and used 47,000
Standard quantity of direct materials 2.5 pounds per finished good
Actual production 20,000 finished goods
Direct materials quantity variance $11,500 F
Direct materials price variance $ 9,400 U
Compute Miller's standard price per pound and actual price per pound of direct materials.

Miller Manufacturing Corporation Has the Following Information Regarding Direct Materials