Mcphail Inc. has a standard cost system. The standards for direct materials for one of its products specify 6.6 grams of a particular input per unit of output at a standard cost of $7.40 per gram. The company has reported the following actual results for the product for September:
Required:
a. Compute the materials price variance for this input for September.
b. Compute the materials quantity variance for this input for September.
Definitions:
Wilcoxon Rank Sum Test
A non-parametric test used to compare two independent groups and determine if there are differences in their population median values.
Two Populations
Refers to distinct groups being studied, where comparisons are often made between the statistical properties of these groups.
Kruskal-Wallis Test
A nonparametric method for testing whether samples originate from the same distribution, an extension of the Mann-Whitney U test to multiple groups.
Alternative Hypothesis
A statement that contradicts the null hypothesis, suggesting that there is a significant effect or difference.
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