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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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The response provides steps to compute the 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 ...

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