Malkovich Company Uses a Standard Costing System

question 57

Multiple Choice

Malkovich Company uses a standard costing system. The following information pertains to direct materials for the month of July: Standard price per lb. $18.00
Actual purchase price per lb. $16.50
Quantity purchased 3,100 lbs.
Quantity used 2,950 lbs.
Standard quantity allowed for actual output 3,000 lbs.
Actual output 1,000 units
Malkovich Company reports its material price variances at the time of purchase. What is the standard quantity of direct materials per unit for Malkovich Company?

• A) 3.50 lbs.
• B) 3.00 lbs.
• C) 3.10 lbs.
• D) 3.25 lbs.

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Definitions:

Income Statement

A financial document that provides a summary of a company's revenues, expenses, and profits/losses over a specified period of time.

Net Cash

An accounting term that represents the amount of cash remaining after all operating, investing, and financing activities are accounted for in a given period.

Operating Activity

Transactions and events related to the principal revenue-generating activities of an entity.

Investing Activity

Financial actions related to the purchase and sale of long-term assets and investments not included in cash equivalents.