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Rina8888 [55]
3 years ago
6

Assume the following: The standard price per pound is $2.00. The standard quantity of pounds allowed per unit of finished goods

is 4 pounds. The actual quantity of materials purchased and used in production is 50,800 pounds. The actual purchase price per pound of materials was $2.20. The company produced 13,000 units of finished goods during the period. What is the materials price variance
Business
1 answer:
Ipatiy [6.2K]3 years ago
7 0

Answer:

Direct material price variance =$10,160 unfavorable

Explanation:

<em>Direct material price variance occurs when the actual quantity of materials are purchased at an actual price per unit higher or lower than the standard price.</em>

Direct material price variance                                            $

50,800 pounds should have cost (50,800× $2)      =   101,600

but did cost                                      (50,800× $2.20) = <u> 111,760</u>

Direct material price variance                                        <u> 10,160  unfavorable</u>

Direct material price variance =$10,160 unfavorable

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