Reference no: EM132699678
Problem - Oklahoma Pneumatic uses JIT system. The following standards are related to materials A and B, which are used to make one unit of the company's final product.
Annual Material Standards
3 pounds of material A x $2.50 $7.50
4 pounds of material B x $3.40 13.60
$21.10
Current Material Standards
2 pounds of material A x $2.50 $5.00
5 pounds of material B x $3.40 17.00
$22.00
Current material standards differ from the original because of an engineering change made near the end of June. During July, the company produced 3,000 units of its ?nal product and used 11,000 pound of Material A and 10,000 pounds of Material B. All materials are acquired at the standard cost per pound.
Required - Calculate the material variance and the ECO material variance.
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