In Producing 700 Units of Product CBA Last Period,Cobalt Company

question 100

Essay

In producing 700 units of Product CBA last period,Cobalt Company used 5,000 pounds of Material H,costing $34,250.The company has established the standard of using 7.2 pounds of Material H per unit of CBA,at a price of $7.50 per pound.
a.Calculate the materials price and quantity variances associated with producing the 700 units,and indicate whether they are favorable or unfavorable.
b.Record the entry for the material used and related variances for Cobalt.
c.Assume these variances are immaterial and prepare the entry to close them out at the end of the year.

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Definitions:

Corporate Social Responsibility

A corporate framework that embeds social and environmental factors within its operational practices and interactions with those who have an interest in the business.

Sustainable Marketing

Marketing strategies and practices that not only meet the company's goals but also have a positive impact on society and the environment, ensuring long-term brand and environmental sustainability.

Qualitative

Pertaining to descriptions or distinctions based on qualities rather than on quantity or numerical values.

Recycled Shoes

Footwear made from recycled materials, promoting environmental sustainability by reducing waste.