Enrique Industries purchased and consumed 50,000 gallons of direct material that was used in the production of 11,000 finished units of product. According to engineering specifications, each finished unit had a manufacturing standard of five gallons. If a review of Enrique's accounting records at the end of the period disclosed a material price variance of $5,000U and a material quantity variance of $3,000F, what is the actual price paid for a gallon of direct material

Answer:

$0.7 = actual price

Explanation:

First, we need to calculate the standard price using the direct material quantity variance:

Direct material quantity variance= (standard quantity - actual quantity)*standard price

3,000 = (11,000*5 - 50,000)*standard price

3,000 = 55,000standard price - 50,000standard price

3,000/5,000 = standard price

$0.6= standard price per gallon

To calculate the actual price paid per gallon, we need to use the direct material price variance:

Direct material price variance= (standard price - actual price)*actual quantity

-5,000 = (0.6 - actual price)*50,000

-5,000 = 30,000 - 50,000actual price

-35,000 = -50,000actual price

$0.7 = actual price

Please help!
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(3) exposed to disease or infections
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On April 1, Griffith Publishing Company received $2,628 from Santa Fe, Inc. for 36-month subscriptions to several different magazines. The subscriptions started immediately. What is the amount of revenue that should be recorded by Griffith Publishing Company for the first year of the subscription assuming the company uses a calendar-year reporting period

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High-Low Method, Cost Formulas
The controller of the South Charleston plant of Ravinia, Inc., monitored activities associated with materials handling costs. The high and low levels of resource usage occurred in September and March for three different resources associated with materials handling. The number of moves is the driver. The total costs of the three resources and the activity output, as measured by moves for the two different levels, are presented as follows:
Resource Number of Moves Total Cost
Forklift depreciation:
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High 16,000 2,200
Indirect labor:
Low 5,000 $66,000
High 16,000 105,600
Fuel and oil for forklift:
Low 5,000 $3,550
High 16,000 11,360
Required:
If required, round your answers to two decimal places. Enter a "0" if required.
Determine the cost behavior formula of each resource. Use the high-low method to assess the fixed and variable components.
Forklift depreciation:
V $
F $
Y $
Indirect labor:
V $
F $
Y $ + $X
Fuel and oil for forklift:
V $
F $
Y $X

ou were left $100,000 in a trust fund set up by your grandfather. The fund pays 6.5% interest. You must spend the money on your college education, and you must withdraw the money in 4 equal installments, beginning immediately. How much could you withdraw today and at the beginning of each of the next 3 years and end up with zero in the account

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Selling and Administrative Expenses 68,000
Freight In 14,000
Beginning Merchandise
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Ending Merchandise Inventory 42,000
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Weighted average: Costs assigned to output and inventories LO C2
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Estimated revenues and other sources:
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Sales taxes 1,000,000
Use of fund balance 10,000
Total $2,750,000
Appropriations:
General government—
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General government—supplies 30,000
Parks department—salaries 2,000,000
Parks department—plants and supplies 300,000
Total $2,750,000
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Prepare (1) the September 9 entry to establish the fund, (2) the September 30 entry to reimburse the fund, and (3) an October 1 entry to increase the fund to $440.
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Date General Journal Debit Credit
Oct 01

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In which one of the following instances is the rivalry among competing sellers generally
weaker?
When the industry's product is costly to hold in inventory, perishable, or seasonal
o When one or more rivals are dissatisfied with their business performance and are making
aggressive moves to attract more customers
When there are so many rivals that any one company's actions have little direct impact on
the businesses of rivals
when rivals have dissimilar costs and dissimilar industry outlooks
When competing sellers are active in making fresh moves to improve their market standing
and business performance
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