The Following Standards Have Been Established for a Raw Material

question 136

Essay

The following standards have been established for a raw material used to make product P62: The following data pertain to a recent month's operations: Required:
a. What is the materials price variance for the month?
b. What is the materials quantity variance for the month?

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Definitions:

Purchasing Agents

Purchasing agents are professionals responsible for buying goods, services, or works for their organization, emphasizing on obtaining the best quality at the lowest cost.

Buyer's Product Line

The range of products a buyer is responsible for purchasing or managing within an organization or retail environment.

Sales Call

is a communication attempt by a salesperson or sales team to pitch a product or service to a potential customer, typically over the phone or in person.

Relationship Marketing

A marketing strategy focused on building long-term relationships with customers to foster loyalty and repeat business rather than focusing solely on short-term sales.