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The standards for a product call for 2.5 pounds of a raw material that costs $6.10 per pound. Last month, 30,000 pounds of the raw material were purchased for $187,500. The actual output of the month was 9,000 units of the product. A total of 22,200 pounds of the raw material were used to produce this output.

Required:

a. What is the materials price variance for the month?

b. What is the materials quantity variance for the month?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9798864

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