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What is august direct material cost variance

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Question - Buddy Industries, Inc., (BII) developed the following standard costs for direct material and direct labor for one of their major products, the 10-gallon plastic container.

 

Standard quantity

Standard price

Direct materials

0.10 pounds

$30 per pound

Direct labor

0.05 hours

$15 per hour

During August, BII produced and sold 10,000 containers using 980 pounds of direct materials at an average cost per pound of $32 and 500 direct labor hours at an average wage of $15.25 per hour.

What is August direct material cost variance?

Reference no: EM132146313

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