The following materials standards have been established for a particular product: Standard quantity per unit of output 4.2 meters Standard price $ 18.40 per meter The following data pertain to operations concerning the product for the last month: Actual materials purchased 7,200 meters Actual cost of materials purchased $ 138,600 Actual materials used in production 6,700 meters Actual output 1,550 units What is the materials price variance for the month?

In its first year of operations, sunland company recognized $30,000 in service revenue, $8,100 of which was on account and still outstanding at year-end. the remaining $21,900 was received in cash from customers. the company incurred operating expenses of $18,600. of these expenses, $12,880 were paid in cash; $5,720 was still owed on account at year-end. in addition, sunland prepaid $3,270 for insurance coverage that would not be used until the second year of operations. (a) calculate the first year's net earnings under the cash basis of accounting, and the first year's net earnings under the accrual basis of accounting.