Question
A company planned to produce 10,000 units, but accidentally produced 9,000 units.Each unit has a standard quantity of 10 lb of material, and a standard
A company planned to produce 10,000 units, but accidentally produced 9,000 units.Each unit has a standard quantity of 10 lb of material, and a standard price for the material of $8/pound.The company purchased 100,000lb of material at $10/pound but only used 95,000lb.
1) What is the material quantity variance?
2) what is the material price variance?
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Financial Accounting
Authors: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
12th edition
134725980, 9780134726656 , 978-0134725987
