Homework Answers
Answer:
1. Actual Cost per gram of special alloy =
Total Actual Cost/Total Actual Quantity
= 567,240/8,700 grams
= $65.2
2. Direct materials price variance = (Standard
price - Actual price) x Actual quantity
= (65.40-65.2)*8700 grams
= $1,740 Favorable
3. Direct materials quantity variance = (Standard
quantity - Actual quantity) x Standard price
= ((1000*8)-8300)*65.40
= ($19,620) Unfavorable
4. Evaluation:
The actual cost of the materials is less than the standard cost of
materials.
It indicates that the company may have purchased low standard or
inferior materials for which the material price variance shows a
favorable amount.
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