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Genent Industries, Inc. (GII), developed standard costs for direct material and direct labor. In 2015, GII...

Genent Industries, Inc. (GII), developed standard costs for direct material and direct labor. In 2015, GII estimated the following standard costs for one of their major products, the 30-gallon heavy-duty plastic container.

Budgeted quantity Budgeted price
Direct materials 0.10 pounds $10 per pound
Direct labor 0.80 hours $10 per hour

During July, GII produced and sold 3000 containers using 450 pounds of direct materials at an average cost per pound of $6 and 2450 direct manufacturing labor hours at an average wage of $10.25 per hour.

The direct material price variance during July is ________.

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Answer #1

Material price variance = (Standard price-actual price)actual quantity

= (10-6)*450

Material price variance = 1800 F

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