The following standards have been established for a raw material used to make...
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Accounting
The following standards have been established for a raw material used to make product 084: Standard quantity of the material per unit of output Standard price of the material 8.7 meters $18.00 per meter The following data pertain to a recent month's operations: Actual material purchased Actual cost of material purchased Actual material used in production Actual output 5,500 meters $103,500 4,900 meters 660 units of product 084 The direct materials purchases variance is computed when the materials are purchased. Required: a. What is the materials price variance for the month? b. What is the materials quantity variance for the month? a. Materials price variance b. Materials quantity variance
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