The Standards for Product C78 Call for 2

question 26

Essay

The standards for product C78 call for 2.0 pounds of a raw material that costs $13.30 per pound. Last month, 5,900 pounds of the raw material were purchased for $74,045. The actual output of the month was 2,640 units of product C78. A total of 5,300 pounds of the raw material were used to produce this output.
Required:
a. What is the materials price variance for the month?
b. What is the materials quantity variance for the month?
c. Prepare journal entries to record the purchase and use of the raw material during the month. (All raw materials are purchased on account.)

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Definitions:

Autonomy

The right or condition of self-governance; in healthcare, it refers to a patient's right to make informed decisions about their own medical treatment.

DNAR Determination

A medical order indicating that no attempts should be made to resuscitate a patient in the event of cardiac or respiratory arrest, standing for "Do Not Attempt Resuscitation."

Autonomy

The right or condition of self-government, or, in a personal sense, the ability to make decisions independently and to have control over one's own life.

Social Justice

The concept of fair and just relations between the individual and society, measured by the distribution of wealth, opportunities, and privileges within a society.