The standard materials cost to produce 1 unit of product m, Accounting Basics

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The standard materials cost to produce 1 unit of product m

Problem

The standard materials cost to produce 1 unit of Product M is 6 pounds of material at standard price of $50 per pound. In manufacturing 8,000 units, 47,000 pounds of material used at a cost of $51 per pound. What is the total material variance?

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Accounting Basics: The standard materials cost to produce 1 unit of product m

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Accounting Basics: The standard materials cost to produce 1 unit of product m

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