Question
322 3 Q.3 The following standards have been established for a raw material used in the production of product O99: Standard quantity of the material
322 3 Q.3 The following standards have been established for a raw material used in the production of product O99: Standard quantity of the material per unit of output 2.6 pounds Standard price of the material $14.50 per pound The following data pertain to a recent months operations:
Actual material purchased 7,600 Pounds
Actual cost of material purchased $110,960
Actual material used in production 7,300 Pounds
Actual output 2,800 units of product O99 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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