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What is the materials quantity variance

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Reference no: EM13518945

The following standards have been established for a raw material used to make product I92:

Standard quantity of the material per unit of output

4.5 pounds

Standard price of the material

$13.90 per pound

The following data pertain to a recent month's operations:

Actual material purchased

2,000 pounds

Actual cost of material purchased

$26,200

Actual material used in production

1,300 pounds

Actual output

220 units of product I92

Required:

a. What is the materials price variance for the month?

b. What is the materials quantity variance for the month?

Reference no: EM13518945

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