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Fraize Corporation Makes a Product That Uses a Material with the Quantity

question 137

Multiple Choice

Fraize Corporation makes a product that uses a material with the quantity standard of 9.5 kilos per unit of output and the price standard of $4.00 per kilo. In July the company produced 7,000 units using 68,850 kilos of the direct material. During the month the company purchased 73,600 kilos of the direct material at $3.70 per kilo. The direct materials purchases variance is computed when the materials are purchased.
-The materials price variance for July is:

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Definitions:

Costume Jewelry

Fashionable jewelry made from non-precious materials, intended for temporary use with specific outfits rather than as long-term investments.

Marginal Cost

Marginal cost refers to the added expense incurred from producing one more unit of a product or service.

Marginal Benefit

The increase in satisfaction or utility experienced from the consumption or production of one additional unit of a good or service.

Market Failures

Situations where market outcomes are not efficient, often justifying government intervention.