Homework Answers
1. Actual cost of special alloy per gram for last month:
=Total cost/grams
=967500/15000 = 64.5 per gram
2. Material Price Variance is the difference between the standard price and the actual price for the actual quantity of materials used for production
=(65-64.5)x14500
= 7250
3. Material quantity variance. A material quantity variance is the difference between the actual amount of materials used in the production process and the amount that was expected to be used.
a) Actual amount of material used in production of 1000 rings
= 14500 grams x 64.5 per gram
= 935350
b) Amount expected to be used
= 1000 rings x 14 grams per ring x 64.5
= 903000
therefore Material Quantity Variance = a-b
= 32250
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