The standards for product V28 call for 8.2 pounds of a raw material that costs $19.00 per pound. Last month, 2,100 pounds of the raw material were purchased for $39,480. The actual output of the month was 230 units of product V28. A total of 2,000 pounds of the raw material were used to produce this output.The direct materials purchases variance is computed when the materials are purchased.Required:a. What is the materials price variance for the month
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Ответ:
$420 favorable
Explanation:
The computation of the material price variance is shown below:
Material price variance = Actual quantity × (Actual price - standard price)
= 2,100 pounds × ($39,480 ÷ 2,100 pounds - $19)
= 2,100 pounds × ($18.8 - $19)
= 2,100 pounds × $0.20
= $420 favorable
Since the standard price is greater than the actual price so it would lead to favorable variance
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