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Wales Company purchased (at a cost of $11,118) and used 1,700 pounds

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Wales Company purchased (at a cost of $11,118) and used
1,700 pounds of materials during May. Wales
Solution
Total Material Variance
Standard = 630 units x 2.5 pounds per unit = 1575 pounds
Actual = 1700 pounds
Variance = 1700 - 1575 = 125 pound unfavorable
Materials Price Variance
Actual Cost = $11,118 / 1700 pounds = $6.54 per pound
Standard Cost = $6.60 per pound
Variance = $6.60 - $6.54 = $0.06 favorable
Materials Quantity Variance
125 pounds / 630 units= 0.198413 pounds per unit
favorable

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Wales Company purchased (at a cost of $11,118) and used 1,700 pounds of materials during May. Wales Solution Total Material Variance Standard = 630 units x 2.5 pounds per unit = 1575 pounds Actual = 1700 pounds Variance = 1700 - 1575 = 125 pound unfavorable Materials Price Variance Actual Cost = $ ...
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