Material quantity variance
= (Actual quantity - Standard quantity) Standard price
= (180,000 - 155,000) $7.20
= $180,000 favorable
Materials quantity variance for march would be $180,000 pounds.
<h3>What is materials quantity variance?</h3>
The materials quantity variance concentrates on the number of materials utilized in production. A materials quantity variance approximates the actual and expected direct material utilized in manufacturing a product. It exists described as the distinction between the actual quantity of materials utilized in production and budgeted materials that should have been utilized in production based on the standards.
Materials quantity variance exists calculated by approximating the actual quantity of materials utilized with the standard quantity of material permitted, both priced at standard cost. If the actual quantity utilized exists more than the standard quantity authorized to have a certain number of units, the variance exists named unfavorable materials quantity variance.
Material quantity variance
= (Actual quantity - Standard quantity) Standard price
= (180,000 - 155,000) $7.20
= $180,000 favorable
Therefore, the materials quantity variance for march would be $180,000 pounds.
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