Materials Quantity Variance. Sweets Company produces boxes of chocolate. A standard of 2 pounds of material...
Materials Quantity Variance. Sweets Company produces boxes of chocolate. A standard of 2 pounds of material is expected to be used for each box produced, at a cost of $5 per pound. Sweets produced 1,000 boxes of chocolate during the month of April and used 2,200 pounds of chocolate. Calculate the materials quantity variance for the month of April.
Homework Answers
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Material Quantity variance = (Standard quantity-Actual quantity)*standard Price |
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Given information: |
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No of actual units produced (A) |
1,000 |
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material required for 1000 units (1000*2 pounds) (B=A*2) |
2,000 |
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Actual quantity used (C) |
2,200 |
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Standard price per pound (D) |
$5 |
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Material Quantity variance = (E=(B-C)*D) |
($1,000) |
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Ans |
Material Quantity variance = 1,000 Unfavourable (2000-2000)*$5 |
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Formula: |
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Material Quantity variance = (Standard quantity-Actual quantity)*standard Price |
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Standard Price
or Rate
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Cost
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