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3 years ago

The following materials standards have been established for a particular product:

Business

1 answer:

GREYUIT [131]3 years ago

3 0

Answer:

(i) $1,295 Favorable

(ii) $3,744 Unfavorable

Explanation:

Actual price = Actual cost of materials ÷ Actual materials purchased

= $43,105 ÷ 3,700

= $11.65

Materials price variance = Actual Quantity (Actual Price - Standard Price)

= 3,700($11.65 - $12.00)

= $1,295 Favorable

Standard Quantity = Actual output × Standard quantity per unit of output

= 560 × 4.8

= 2,688

Materials quantity variance:

= Standard Price (Actual Quantity - Standard Quantity)

= $12.00 (3,000 - 2,688)

= $3,744 Unfavorable

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