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    Mateiral Price and Material Quantity Variance

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    The following standards have been established for a raw material used to make product I 98:

    Standard quantity of the material per unit of output 4.5 pounds
    Standard price of the material $ 13.90 per pound

    The following data pertain to a recent month's operations:

    Actual material purchased 2,000 pounds
    Actual cost of material purchased $26,200
    Actual material used in production 1,300 pounds
    Actual output 220 units of product I 98

    A- What is the materials price variance for the month?
    B- What is the materials quantity variance for the month?

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    https://brainmass.com/business/accounting/mateiral-price-material-quantity-variance-211615

    Solution Preview

    Standard quantity of the material per unit of output 4.5 pounds
    Standard price of the material $ 13.90 per pound

    The following data pertain to a recent month's operations:

    Actual material purchased ...

    Solution Summary

    This solution helps with a question about accounting. It helps find the material price variance and material quantity variance for the month.

    $2.19

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