In this series, Academic Expert Carol Sargent introduces us to Direct Material Variances, the second section of her Budgeting Super-Series. Carol explains what direct material variances are, how price and quantity are the two aspects of direct material standards, and finally the difference between the material price variance and material usage variance. A series of word problems are presented to test comprehension. This video lecture is ideal for college or university level accounting or business students.
In this series: 3 Videos | 00:16:55 Total Length
Two different variances, price and usage, are identified and defined. A word problem is also presented.
Interpreting the results of the word problem and a comprehension check.
More word problems to test understanding.