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Myers Corporation has the following data related to direct materials costs for November: actual costs for...

Myers Corporation has the following data related to direct materials costs for November: actual costs for 4,700 pounds of material, $5.40; and standard costs for 4,410 pounds of material at $6.10 per pound.

What is the direct materials price variance?

a.$1,769 favorable

b.$3,290 favorable

c.$1,769 unfavorable

d.$3,290 unfavorable

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Answer #1

--Correct Answer = Option 'B' $ 3,290 Favourable

Material Price Variance
( Standard Rate - Actual Rate ) x Actual Quantity
( $                                6.10 - $                       5.40 ) x 4700 pounds
3290
Variance $              3,290.00 Favourable-F
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