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The standard raw material requirement for one unit of product : K95 are 6 meters at a cost of $15.50 per meter. In the month of October, 3,100 meters of raw materials are purchased at a total cost of $48,825. In the month of October, a total of 2900 meters of raw materials were used in order to manufacture 550 units of K95.
Required:
Problem 1: Calculate the materials price variance for the month of October. Comment on your answer. (Show the workings clearly)
Problem 2: Calculate the materials quantity variance for the month of October. Comment on your answer. (Show the workings clearly)
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