Malkovich Company Uses a Standard Costing System Malkovich Company Reports Its Material Price Variances at the Time

question 77

Multiple Choice

Malkovich Company uses a standard costing system. The following information pertains to direct materials for the month of July: $\begin{array}{ll}\text { Standard price per lb. } & \$ 18.00 \\\text { Actual purchase price per lb. } & \$ 16.50 \\\text { Quantity purchased } & 3,100 \mathrm{lbs} . \\\text { Quantity used } & 2,950 \mathrm{lbs} \\\text { Standard quantity allowed for actual output } & 3,000 \mathrm{lbs} \\\text { Actual output } & 1,000 \text { units }\end{array}$ Malkovich Company reports its material price variances at the time of purchase.
What is the material usage variance for Malkovich Company?

• A)$2,850 (F)
• B)$1,950 (F)
• C)$900 (F)
• D)$900 (U)

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The numerical outcomes resulting from standardized tests, often used to evaluate skills, proficiency, or knowledge in various subjects.

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A process of making minor adjustments or modifications to improve the function or performance of a machine, system, or instrument.

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The chance of falsely discrediting the null hypothesis in a statistical examination, usually symbolized by alpha.