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(Solved) (Latest ver. Aug 2020) - Materials purchase price variance

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Question 7:

Matt Company uses a standard cost system. Information for raw materials for Product RBI for the month of October follows:
Standard price per pound of raw materials$1.69
Actual purchase price per pound of raw materials$1.51
Actual quantity of raw materials purchased2,180pounds
Actual quantity of raw materials used2,080pounds
Standard quantity allowed for actual production1,980pounds

What is the materials purchase price variance?

$402.40 favorable

$392.40 favorable

$392.40 unfavorable

$407.40 unfavorable.


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This question was answered on: Sep 16, 2020

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