Machine Builders Inc. adopted a standard cost system several years ago that it uses in conjunction with its process cost system. The per-unit standard costs for direct materials and direct labor for its single product are as follows:
The actual direct materials purchase price (AP) per kilogram in July (to two decimal places) was:
Definitions:
Supply Inelastic
A situation where the quantity supplied of a good is not significantly affected by changes in its price.
Cross Elasticity
A gauge for the reaction in the demand for one item when there's a price alteration in another item.
Cross Elasticity
The extent to which the demand for a certain good alters in response to price changes of another good.
Substitutes
Goods or services that can be used in place of each other, where an increase in the price of one leads to an increased demand for the other.
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