Wood side Company manufactures tables with vinyl tops. The standard material COM

Question

Wood side Company manufactures tables with vinyl tops. The standard material COM for the used per Style-R table it $7.20 based on S square feet of vinyl at a cost of $.90 per square foot. A production run of 1,000 table in January resulted is per square foot, a total cost of $7,055. If the materials price variance was recorded winch was issued to production, that vanancc was: The materials quantity variance, in a standard cost system, is the. Difference between the actual and standard quantities. Difference between the actual and standard quantities multiplied by the actual unit price Difference between the actual quantity used and the actual quantity purchased multiplied by the standard unit price. Difference between the actual and standard quantities multiplied by the standard unit price. What type of direct material variances for pricc and quantity will arise if the actual number c pounds of materials used exceeds standard pounds allowed but actual cost was less than standard

Explanation / Answer

Formula to calculate Material Price variance is as under:
Material Price variance = (Actual Price – Standard Price )* Actual Quantity
Hence, the correct answer is :
b. Price variance

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