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Who is most likely responsible for the price variance

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Reference no: EM132965523

The following standards have been established for a raw material used in the production of product C10:

Standard quantity of the material per unit of output  2.4 liters

Standard price of the material  $17.00 per liter

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

Actual material purchased  5,600 liters

Actual cost of material purchased  $99,400

Actual material used in production  4,885 liters

Actual output  2,030 units of product C10

Calculate:

Problem A. The material price variance

Problem B. The material quantity variance

Problem C. Who is most likely responsible for the price variance?

Reference no: EM132965523

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