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The following materials standards have been established for a particular product: Standard quantity per unit of...

The following materials standards have been established for a particular product:

Standard quantity per unit of output 6.0 meters
Standard price $ 19.00 per meter

The following data pertain to operations concerning the product for the last month:

Actual materials purchased 10,200 meters
Actual cost of materials purchased $ 201,500
Actual materials used in production 9,600 meters
Actual output 1,580 units

What is the materials price variance for the month?

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Answer #1

Answer:-

Material price variance = (Standard price – Actual price) * Actual quantity used

                           =($19 per meter*10200 meters)-$201500

                            =$193800-$201500

                            =$7700 Unfavourable

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