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Calculate the material price variance for ridgewood

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Reference no: EM132967820

At Ridgewood, the standard price for the M640 electrical relay (a component used in the production of a commercial refrigeration unit) is $53. Standards call for3.0relays per unit of finished product. In July, the company purchased139relays for $8,062. The company used105relays in the production of48refrigeration units (4relays were damaged in the installation process).

Problem 1: Calculate the material price variance and the material quantity variance related to the M640 electrical relay. Indicate whether the variances are favorable or unfavorable.(Round intermediate calculations to 2 decimal places, e.g. 14.37 and final answers to 0 decimal places, e.g. 125. Enter all variances as a positive number.)

Reference no: EM132967820

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