The following materials standards have been established for a particular product: Standard quantity per unit of output 4.3 meters Standard price $ 18.60 per meter The following data pertain to operations concerning the product for the last month: Actual materials purchased 7,100 meters Actual cost of materials purchased $ 138,805 Actual materials used in production 6,600 meters Actual output 1,500 units What is the materials price variance for the month?

Trecek corporation incurs research and development costs of $625,000 in 2017, 30 percent of which relate to development activities subsequent to ias 38 criteria having been met that indicate an intangible asset has been created. the newly developed product is brought to market in january 2018 and is expected to generate sales revenue for 10 years. assume that a u.s.–based company is issuing securities to foreign investors who require financial statements prepared in accordance with ifrs. thus, adjustments to convert from u.s. gaap to ifrs must be made. ignore income taxes. required: (a) prepare journal entries for research and development costs for the years ending december 31, 2017, and december 31, 2018, under (1) u.s. gaap and (2) ifrs. (c) prepare the entry(ies) that trecek would make on the december 31, 2017, and december 31, 2018, conversion worksheets to convert u.s. gaap balances to ifrs.