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Matt Company uses a standard cost system. Information for raw materials for Product RBI for the month

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Question

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 purchased 2,180 pounds;Actual quantity of raw materials used 2,080 pounds;Standard quantity allowed for actual production 1,980 pounds;What is the materials purchase price variance?;$402.40 favorable;$392.40 favorable;$392.40 unfavorable;$407.40 unfavorable

 

Paper#25424 | Written in 18-Jul-2015

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