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Kennedy Inc. has the following data for its operation in August: Increase in direct materials inventory 100 Sets Direct materials purchased (AQ) 1,600 Sets Finished goods manufactured 700 units Direct materials purchase-price variance $ 400 Favorable Budgeted Finished goods to manufacture 800 Units Direct materials purchases 2,000 Sets Direct materials per unit of finished goods 2 Sets Direct materials price per set (SP) $ 3.60 What was the actual purchase price (AP) per set of direct materials purchased (to two decimal places)

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Answer:

Actual price= $1.6 per unit

Actual price= $3.2 per set

Explanation:

To calculate the actual price, we need to use the following formula:

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

400= (1.8 - actual price)*2,000

400= 3,600 - 2,000actual price

2,000actual price = 3,200

actual price= $1.6 per unit

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