An Inventory Record Sheet Shows a Balance on Hand of 972

question 7

Short Answer

An inventory record sheet shows a balance on hand of 972. During the month, units sold were 111, 204, and 87; units received from the supplier were 700. What is the amount remaining?​

---

Definitions:

Direct Material Price Variance

The difference between the actual cost of direct materials and the standard cost multiplied by the quantity purchased, used in variance analysis for cost control.

Actual Price Per Pound

The real cost of a commodity or material expressed on a per pound basis.

Standard Price Per Pound

A predetermined cost set for a pound of material, used in budgeting and costing to assess efficiency and variances in purchasing or production.

Total Direct Materials Cost Variance

The difference between the actual cost of direct materials used in production and the expected (or standard) cost.