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What is the materials price variance for the month?

What is the materials price variance for the month?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following materials standards have been established for a particular product: Standard quantity per unit of output5.0metersStandard price$17.70per meter The following data pertain to operations concerning the product for the last month: Actual materials purchased 7,900metersActual cost of materials purchased $143,780 Actual materials used in production 7,400metersActual output1,450units What is the materials price variance for the month? Multiple Choice $8,400 U $3,950 U $2,730 U $10,400 U
Transcribed Image Text:The following materials standards have been established for a particular product: Standard quantity per unit of output5.0metersStandard price$17.70per meter The following data pertain to operations concerning the product for the last month: Actual materials purchased 7,900metersActual cost of materials purchased $143,780 Actual materials used in production 7,400metersActual output1,450units What is the materials price variance for the month? Multiple Choice $8,400 U $3,950 U $2,730 U $10,400 U
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