Thrope, Inc

question 182

Essay

Thrope, Inc.purchased 1,700 pounds of direct materials at a price of $1.20 per pound.The standard price of the material is $1.30 per pound.Thrope used 1,500 pounds in production while the standard pounds allowed for actual production was 1,300.
Required:
Calculate the direct materials price and quantity variances and indicate whether the variances are favorable or unfavorable.

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Definitions:

Symbol

A symbol is a mark, sign, or word that indicates, signifies, or is understood as representing an idea, object, or relationship.

Main Connective

In logic and mathematics, the main connective is the operator in a logical formula which has the widest scope, essentially determining the main relationship between the elements of the proposition.

Statement

An expression or utterance that conveys a fact, opinion, or information, which can be deemed true or false.

Symbolic Notation

A system of symbols used to represent quantities, operations, relations, or elements in a concise and standardized format.