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    Materials price variance

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    The following standards have been established for a new raw material used in the production of product G13:

    Standard quantity of the material per unit of output 2.3 liters
    Standard price of the material $1.90 per liter

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

    Actual material purchased 5,100 liters

    Actual cost of material purchased $100,725Actual material used in production 4,700 liters
    Actual output 2,040 units of product G13

    a.) What is the materials price variance for the month? Show work

    b.) What is the materials quantity variance for the month? Show work

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    https://brainmass.com/statistics/variance/materials-price-variance-249458

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    The following standards have been established for a new raw material used in the production of product G13:

    Standard quantity of the material per unit of output 2.3 liters
    Standard price of the material $1.90 per liter

    The following data pertain to a recent month's ...

    Solution Summary

    The response provides steps to compute the materials price variance

    $2.19

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