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The following materials standards have been established for a particular product:
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| Standard quantity per unit of output | | 4.5 | meters |
| Standard price | $ | 17.60 | per meter |
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The following data pertain to operations concerning the product for the last month:
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| Actual materials purchased | | 7,000 | meters |
| Actual cost of materials purchased | $ | 126,350 | |
| Actual materials used in production | | 6,600 | meters |
| Actual output | | 1,440 | units |
| |
What is the materials price variance for the month?
Multiple Choice
$8,710 U
$7,400 U
$2,166 U
$3,150 U
Answer & Explanation
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