The materials purchase price variance, in a standard cost system, is obtained by multiplying the: Group of answer choices a. Actual price by the difference between actual quantity purchased and standard quantity used. b. Actual quantity purchased by the difference between actual price and standard price. c. Standard price by the difference between standard quantity purchased and standard quantity used. d. Standard quantity purchased by the difference between actual price and standard price.

Answer:

b. Actual quantity purchased by the difference between actual price and standard price

Explanation:

The formula to compute the material purchase price is shown below:

= Actual Quantity × (Standard Price - Actual Price)

It is derived by taking a difference between the standard price and the actual price and then multiplying it by the actual quantity so that the material price or material purchase price variance could come

Hence, the correct option is b.

b. Actual quantity purchased by the difference between actual price and standard price

When computing materials purchase price variance in standard costing system, we use the formula below ;

= Actual Quantity × (Standard Price - Actual Price)

Material purchase price variance is derived by subtracting standard price from actual price and then multiplying it by the actual quantity so that we would get the value.

Thus, the materials purchase price variance, in a standard cost system, is obtained by multiplying actual quantity purchased by the difference between actual price and standard price.

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d. incentives.

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a. cost control decisions
b. FASB compliance with U.S. GAAP
c. strategic and operational areas
d. resource allocation decisions

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Activity Cost Pools Estimated Overhead Estimated Use of Cost Drivers per
Activity
Designing $455,000 14,000 designer hours
Sizing and cutting 3,948,000 168,000 machine hours
Stitching and trimming 1,479,725 78,500 labor hours
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Sept. 1 Grecco declared and paid a cash dividend of $1.50 per share.
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Required:
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Assets
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Accounts receivable (net) 30,000
Inventory 25,000
Property, plant and equipment 210,000
Total Assets $310 000
Liabilities and Stockholders Equity
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Long-term liabilities 95,000
Stockholders' equity-common 155,000
Total Liabilities and Stockholders Equity $310.000
Income Statement
Sales revenue $ 116,000
Cost of goods sold 66.000
Gross margin 50,000
Operating expenses 30.000
Net income $20,000
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Market pice of common stock $20
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