How much is the direct materials price variance for this accounting question? The actual cost of direct materials is $48.30 per pound, while thestandard cost per pound is $52.75. During the current period, 7,200pounds were used in production. The standard quantity for actualunits produced is 6,800 pounds.How much is the direct materials price variance?

Step 1: Define Direct Materials Price VarianceDirect Materials Price Variance is the difference…

Answered: The actual cost of direct materials is…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 11EA: A manufacturer planned to use $78 of variable overhead per unit produced, but in the most recent...

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The actual cost of direct materials is $48.30 per pound, while the standard cost per pound is $52.75. During the current period, 7,200 pounds were used in production. The standard quantity for actual units produced is 6,800 pounds. How much is the direct materials price variance?