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Calculate the material price variance

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Reference no: EM132920002

Problem - At Ceradyne, the standard price for the M640 electrical relay (a component used in the production of a commercial refrigeration unit) is $56. Standards call for 2.0 relays per unit of?nished product. In July, the company purchased 141 relays for $8,037. The company used 103 relays in the production of 52 refrigeration units (4 relays were damaged in the installation process). Calculate the material price variance and the material quantity variance related to the M640 electrical relay. Indicate whether the variances are favorable or unfavorable.

Reference no: EM132920002

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