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Based on the following information, please show the calculation for material price and quantity variances to...

Based on the following information, please show the calculation for material price and quantity variances to arrive at 590F and 80U respectively.
Budgeted Production 1,000 units
Actual Production 980 units
Materials:
Standard price per pound $2.00
Standard pounds per completed unit 12
Actual pounds purchased and used 11,800
Actual price paid for materials $23,000

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Answer #1

Material price variance: Material quantity variance: Material Price Variance= (Actual Qty * Actual Rate) - (Actual Qty * Mate

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