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FinnZ [79.3K]
3 years ago
15

Global Company makes a product that is expected to use 2.2 pounds of material per unit of product. The material has a standard c

ost of $2 per pound. Global actually used 2.3 pounds of material per unit of product made in January. The actual cost of material was $1.95 per pound. Based on this information alone, the materials variances for the January production would be: Multiple Choice Unfavorable for price and unfavorable for usage. Favorable for price and unfavorable for usage. Favorable for price and favorable for usage.
Business
1 answer:
avanturin [10]3 years ago
7 0

Answer:

Favorable for price and unfavorable for usage.

Explanation:

Provided Information,

Standard Material = 2.2 pounds per unit

Standard cost = $2 per pound

Actual Quantity = 2.3 pounds per unit

Actual cost = $1.95 per pound

In Material Price variance we have = (Standard Price - Actual Price) \times Actual Quantity

Since Standard Price $2 is more than actual price = $1.95 the variance is favorable.

In material quantity variance we have = (Standard Quantity - Actual Quantity) \times Standard Rate

Since actual quantity used = 2.3 pounds is more than standard 2.2 pounds the variance will be unfavorable

Therefore, Price Variance = Favorable, and Quantity Variance = Unfavorable.

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