The standard and actual prices per pound of raw material are $4.00 and $4.50, respectively. A...
The standard and actual prices per pound of raw material are $4.00 and $4.50,
respectively. A total of 10,500 pounds of raw material was purchased and then used to
produce 5,000 units. The quantity standard allows 2 pounds of the raw material per unit
produced. What is the materials price variance?
Give equation used as well.
Homework Answers
Material price variance = (Standard price-actual price)actual quantity
= (4-4.50)*10500
Material price variance = 5250 U
Add Answer to:
The standard and actual prices per pound of raw material are
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2.
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2.
The standards for product V28 call for 7.6 pounds of a raw material that costs $18.00 per pound. Last month, 1,500 pounds of the raw material were purchased for $26,700. The actual output of the month was 170 units of product V28. A total of 1,400 pounds of the raw material were used to produce this output. The direct materials purchases variance is computed when the materials are purchased. Required: a. What is the materials price variance for the...
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