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Question: The following materials standards have been established for a product:
Standard quantity per unit of output 1.9grams Standard price $18.00per gram
The following data pertain to operations concerning the product for the last month:
Actual materials purchased 5,800grams Actual cost of materials purchased $108,460 Actual materials used in production 5,200grams Actual output 2,700units
What is the materials quantity variance for the month?
For each entry above make a correcting entry if necessary. If the entry given is correct, then state "No entry required."
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You have borrowed $70,000 to buy a speed boat. You plan to make monthly payments over a 15-year period. The bank has offered you a 9% interest rate, compounded monthly. Create an amortization schedule for the first two months of the loan.
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