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

Question

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

Quizplus · Accepted Answer

The Answer of Standard and actual costs for direct materials for the manufacture of 1,000 units of product were as follows: 
Actual costs: 1,550 lbs. at $9.10 
Standard costs: 1,600 lbs. at $9.00
Determine the direct materials:
(a) quantity variance
(b) price variance
(c) total cost variance.

Standard and Actual Costs for Direct Materials for the Manufacture