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Calculate the material price variance

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Reference no: EM133014886

Question - At Accustart, the standard price for the M640 electrical relay (a component used in the production of a commercial refrigeration unit) is $61. Standards call for 2.0 relays per unit of finished product. In July, the company purchased 162 relays for $9,558. The company used 98 relays in the production of 46 refrigeration units (4 relays were damaged in the installation process).

Required - 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: EM133014886

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