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Determine the material price variance

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Reference no: EM132974886

Question - The Russell Company provides the following standard cost data per unit of product:

Materials (4 gallons @ $6 per gallon) $24

Labor (3 hours @ $10 per hour) $30

During the period, the company produced and sold 20,000 units incurring the following costs:

Materials 82,000 gallons @ $5.90 per gallon

Labor 62,000 hours @ $ 9.75 per hour

Required - Determine the material price variance at "Favorable" or "Unfavorable.

Reference no: EM132974886

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