What is the materials price variance


Response to the following problem:

The following material's standards have been established for a particular product:

Standard quantity per unity of output..... 4.6 feet

Standard price...... $19.25 per feet

The following data pertain to operations concerning the product for the last month:

Actual materials purchased...... 3,200 feet

Actual cost of materials purchased...... $63,200

Actual materials used in production...... 2,900 feet

Actual output...... 800 units

What is the materials price variance for the month?

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Cost Accounting: What is the materials price variance
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