Standard and actual costs for direct materials for the manufacture of 1,000 units of product were as follows:
Actual costs 1,550 lbs. @ $9.10
Standard costs 1,600 lbs. @ $9.00
Determine the (a) quantity variance, (b) price variance, and (c) total direct materials cost variance.
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Determine the (a) quantity variance, (b) price variance, ...
This solution provides the steps to compute the quantity variance, price variance, total direct materials cost variance.