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What is the material efficiency variance

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Question - Aubaya Co. uses standard costing for the accounting of its product. The budget officer provided the following standard data imposed by the top-level management concerning the direct materials:

- Standard direct material is 3 per unit of the product

- Standard price is P18 per unit of the product

During the period, the company acquired 1,000 units of direct material at a cost of P4,500. It also used 50 units of directs materials in manufacturing 150 units of its product.

Required -

1. What is the material price variance?

2. What is the material efficiency variance?

Reference no: EM132777974

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