Examlex

Solved

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:  Standard price per lb. $18.00 Actual purchase price per lb. $16.50 Quantity purchased 3,100lbs. Quantity used 2,950lbs Standard quantity allowed for actual output 3,000lbs Actual output 1,000 units \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?


Definitions:

Related Questions