Homework Answers
Sarah Lee
Actual price per pound calculation :
Direct materials price variance = 2400 favorable
AQ (SP - AP) = 2,400
Where ,
AQ is Actual quantity = 23,000 pounds
SP is Standard price = 6.30 per pound
AP is actual price = ?
23,000 (6.30 - AP) = 2,400
6.30 - AP = 2,400/23,000
6.30 - AP = 0.104
AP = 6.30 - 0.104
AP = 6.196
Actual price is $ 6.20 per pound (rounded off)
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