Homework Answers
Revised standard budget
Material = 3900 weather vanes * 2 pounds = 7800 pounds
Standard rate = $1.50 per pound
Actual
Material quantity = 8000 pound
Rate = $1.59 per pound
Material price variance = (standard rate - actual rate) * actual quantity
= ($1.50 - $1.59) * 8000
= $720 unfavorable
Material quantity Variance
= (Standard quantity - actual quantity) * standard rate
= (7800 - 8000) * $1.50
= $300 unfavorable
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