A company has the following information available about one of its products: Standard price per pound of input ? Actual price per pound of input $30 Standard inputs per unit of output 3 pounds Actual units of output 3,000 Direct Materials Price Variance $18,000 U Actual pounds of input used 9,000 What is the standard price per pound of input?

$32 per pound

Explanation:

Given :Standard input per unit of output  = 3 pounds

           Actual quantity used = 9000 units

           Actual price per pound of input = $30

           Direct material price variance = $18000

Direct Material price variance

= (standard price of input - actual price of input) × Actual Quantity used

= (y - $30)  × 9000 units = 9000 y - 270,000

9000 y - 270,000 = 18000

9000y = 18000 + 270000

9000y = 288,000

y = $32 per pound

Hence standard price per unit of input is $32

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