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Calculate the total materials variance

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Reference no: EM133038192

Question - Machanda Chemicals (Pvt) Limited has the following standards for producing 9 liters of a machine lubricant.

5 liters material X @ $0.70 per liter.

5 liters material Y @ $0.92 per liter.

No stocks of raw materials are kept. Purchases are made as needed so that all price variances relate to materials used. Actual results showed that 100,000 liters of materials were used during a particular period as follows.

45,000 liters of material X at an actual cost per liter used of $0.80 36,000

55,000 liters of material Y at an actual cost per liter used of $0.97 53,350

100,000

During the period 92,070 liters of the machine lubricant were produced.

Required -

a) Calculate the total materials variance and analyse it into its price, yield and mix components.

b) Explain the circumstances under which a materials mix variance is?

Reference no: EM133038192

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