Question

myers corporation has the following data related to direct materials costs for november: actual costs for 5,000 pounds of material at $4.50 and standard costs for 4,800 pounds of material at $5.10 per pound. the direct materials quantity variance is

Answer 1

The direct materials quantity variance for Myers Corporation for November is $1,020 Unfavorable.

What is the quantity variance?

The quantity variance is the product resulting from multiplying the standard cost by the difference between the standard and actual quantities.

One major cause of quantity variance is the availability of low-standard materials, which may lead to the use of more materials than budgeted.

The availability of higher-standard materials will also cause quantity variance existing.

Actual cost for 5,000 pounds = $4.50 per pound

Standard cost for 4,800 pounds = $5.10 per pound

Standard quantity = 4,800 pounds

Actual quantity = 5,000 pounds

Quantity variance = $1,020 (4,800 - 5,000) x $5.10

Thus, the direct materials quantity variance is $1,020.

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