Answer:
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Explanation:
1.a
The actual cost per foot (March) is calculated as follows:
Actua lcost per foot (March)= Direct materials cost / Actual quantity
= $58,050 / 10,500 feet
=$5.53perfoot
Therefore, actual cost per foot for the month of March is $5.53
Working notes:
The actual quantity is calculated as under:
Material quantity variance = [Standard quantity− Actualquantity] × Standard price
$2,700 = [(3,320 units × 3 feet)−−Actual quantity] × $5
Actualquantity = (3,320 units × 3feet) × ($2,700 /$5)
Actualquantity = 10,500feet
<h3>
Actual cost for the month of March is $5.53 per foot.</h3><h3 />
(1.b)
The Material price variance is calculated as follows:
Materia lprice variance = (Standard price − Actual price) × Actual quantity
=($5−$5.53)×10,500
=$5,565(U)
Therefore, material price variance is $5,565.
The Material spending variance is calculated as follows:
Materialspendingvariance = Standard cost of Standard quantity
−Standard cost of Actual quantity
=(9,960×$5)−$58,050
=$8,250(U)
Therefore, material spending variance is $8,250.
<h3>
Material price variance is $5,565 (U) & material spending variance is $8,250 (U).</h3>
