Price Variances and Purchases
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Price variance 12,000 U
Usage variance 9,000 F
The standard cost for material is $2 per pound and three pounds per unit. 20,000 units were produced. The purchase price variance was .30 per pound.
Calculate:
a. Pounds purchased
b. Pounds used
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Solution Summary
This solution calculates the pounds purchased and used based on the standard cost for material.
Solution Preview
Purchase price variance = (Standard price - Actual price) * Actual quantity purchased
12,000 = ($2 - $2.3) × ...
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- MBA, California State University, Sacramento
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