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The following data for a pottery company pertain to the production of 2,000 clay pots during July. Direct Materials (all materials purchased were used): Standard
The following data for a pottery company pertain to the production of 2,000 clay pots during July.
Direct Materials (all materials purchased were used):
Standard cost: $2.00 per kilogram of clay
Total actual cost: $10,640
Standard cost allowed for units produced was $12,000
Materials quantity variance was $800 favourable
Direct Manufacturing Labour:
Standard cost is 2 pots per hour at $24.00 per hour
Actual cost per hour was $24.50
Actual labour was 1028 hours
What is the materials price variance?
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