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Calculate the material purchase price variance

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Reference no: EM132076023

Question - You have been given the following information in respect to materials and labor:

Standard unit price of materials £9.00

Actual unit price of materials £8.68

Standard quantity of material for actual production (units) 3,300

Actual quantity of materials purchased and used (units) 3,600

Standard direct labour rate £28.00

Actual direct labour rate £24.40

Standard direct labour hours 24,000

Direct labour usage variance £28,280 U = unfavourable or adverse

a) Calculate the material purchase price variance, which is (actual price - standard price) × actual quantity of materials used?

Reference no: EM132076023

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