Montrose Processing Corporation Has the Following Information Regarding Direct Materials

question 138

Essay

Montrose Processing Corporation has the following information regarding direct materials:
Actual pounds of direct materials
purchased and used 42,000
Standard quantity of direct materials 2 pounds per finished good
Actual production 21,000 finished goods
Direct materials efficiency variance $12,000 F
Direct materials price variance $8,000 U
Compute Jeremy's standard price per pound and actual price per pound of direct materials.

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Definitions:

Third Parties

Individuals or entities who are not directly involved in a legal agreement or transaction but may be affected by it or have interests that are impacted.

Clients

Individuals or organizations that engage the professional services or advice of another.

Common Law

A legal system based on judicial precedents and customs rather than statutory laws.

Tort Liability

Legal responsibility that arises from the commission of a tort, which is a civil wrong, such as negligence, that causes harm to another.