Hurst Company's standard variable materials cost per unit was $8. The actual materials cost per unit...
Hurst Company's standard variable materials cost per unit was $8. The actual materials cost per unit on production of 10,000 units was $8.22. Based on this information, Hurst Company incurred an unfavorable variable materials price variance of $2,200.
true or false
Homework Answers
Standard cost per unit (SP) = $8
Actual Material cost per unit(AP) = $8.22
Actual Quantity (AQ) = 10,000 units
Materials Price Variance = Actual Quantity * (Standard Price - Actual Price)
Materials Price Variance = 10,000 * ($8.00 - $8.22)
Materials Price Variance = 10,000 * ( - $0.22)
Materials Price Variance = -$2,200
So, Materials Price Variance is $2,200 Unfavorable.
So, It is TRUE.
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