Fleming corporation produces leather purses the company is

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Fleming Corporation produces leather purses. The company is setting up a standard cost system and has collected the following data: Leather requirements for one purse 5 strips Allowance for waste 1% of the leather Allowance for rejects .5 % of the leather Purchase price $200 per 100 strips Purchase discount 5% of purchase price Shipping cost $20 per box of 100 strips Receiving and handling cost $10 per box of 100 strips The company always takes advantage of price discounts. Required: 1. Determine the standard price per strip of leather. 2. Determine the standard quantity of leather for one purse. 3. Determine the standard cost of the leather for one purse.

Reference no: EM13569857

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