Reef Industries produces almond milk and uses a standard cost accounting system. A unit of finished goods is one gallon of almond milk. The standard price of almonds is $4.00 per pound and the standard quantity of almonds per gallon of milk is 1.20 pounds. During the month of July, the actual cost of the almonds purchased and used is $148,900, the price variance is $3,750 favorable, and the quantity variance is $11,650 unfavorable. How many gallons of almond milk did Reef produce in July? Round to the nearest whole number. O 29,375 gallons

Reef Industries produces almond milk and uses a standard cost accounting system. A unit of finished goods is one gallon of almond milk. The standard price of almonds is $4.00 per pound and the standard quantity of almonds per gallon of milk is 1.20 pounds. During the month of July, the actual cost of the almonds purchased and used is $148,900, the price variance is $3,750 favorable, and the quantity variance is $11,650 unfavorable. How many gallons of almond milk did Reef produce in July? Round to the nearest whole number. O 29,375 gallons

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Description: Reef Industries produces almond milk and uses a standard cost accounting system. A unit of finishedgoods is one gallon of almond milk. The standard price of almonds is $4.00 per pound and thestandard quantity of almonds per gallon of milk is 1.20 po

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 5EA: Sitka Industries uses a cost system that carries direct materials inventory at a standard cost. The...

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