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What is the materials quantity variance for march

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Reference no: EM132949375

Preble Company manufactures one product. Its variable manufacturing overhead is applied to production based on direct labor-hours and its standard cost card per unit is as follows:

Direct materials: 4 pounds at $10 per pound $40

Direct labor: 2 hours at $16 per hour 32

Variable overhead: 2 hours at $6 per hour 12

Total standard cost per unit$84

The planning budget for March was based on producing and selling 30,000 units. However, during March the company actually produced and sold 34,500 units and incurred the following costs:

Purchased 150,000 pounds of raw materials at a cost of $9.20 per pound. All of this material was used in production.
Direct laborers worked 62,000 hours at a rate of $17 per hour.
Total variable manufacturing overhead for the month was $390,600.

Problem 1: What is the materials quantity variance for March?

Reference no: EM132949375

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