The following materials standards have been established for a particular product: Standard quantity per unit of output 4.4 pounds Standard price $ 13.20 per pound The following data pertain to operations concerning the product for the last month: Actual materials purchased 4,800 pounds Actual cost of materials purchased $ 62,880 Actual materials used in production 4,800 pounds Actual output 700 units The direct materials purchases variance is computed when the materials are purchased. What is the materials price variance for the month

Variance          $480  favorable

Explanation:

A material price variance occurs where materials are purchased at a price either lower or higher than the standard price. A favorable variance is recorded where the actual total cost of materials is lower that the standard cost. While an adverse variance implies the opposite.

Standard material cost of 2                                            $

4,800 pounds should have cost (4800 ×$13.20 ) = 63,360

but did cost (actual cost)                                         62,800

Variance                                                                     480  favorable

net worth is the difference between what you own and what you have. if you exceed your liabilities you have a positive net worth. if your liabilities are greater than your assets you have a negative net worth. its a snapshot of your financial situation. if you calculate your net worth you will see the end result of everything you've earned and spent as of now. net worth statements and all you asked of can you determine where you are, how to get where you want to be, if your spending   to much. honestly it can tell you a lot of things. i can go on, but you can paint the picture from here.

explanation:

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