The Following Materials Standards Have Been Established for a Particular

question 172

Essay

The following materials standards have been established for a particular product:
$\begin{array}{|l|r|}\hline \text { Standard quantity per unit of output } & 3.6 \text { metre } \\\hline \text { Standard price } & \$ 10.20 \text { per metre } \\\hline\end{array}$
The following data pertain to operations concerning the product for the last month:
$\begin{array}{|l|r|}\hline \text { Actual materials purchased } & 7,100 \text { metres } \\\hline \text { Actual cost of materials purchased } & \$ 68,515 \\\hline \text { Actual materials used in production } & 6,600 \text { metres } \\\hline \text { Actual output } & 1,780 \text { units } \\\hline\end{array}$
Required:
a)What was the materials price variance for the month?
b)What was the materials quantity variance for the month?

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Definitions:

Imprinting

A rapid and irreversible learning process occurring at a specific life stage that leads to the establishment of a particular behavior.

Gonadal Hormones

hormones produced by the gonads (ovaries in females, testes in males), such as testosterone and estrogen, involved in reproduction and secondary sexual characteristics.

Androgens

A group of hormones that play a role in male traits and reproductive activity; they are present in both males and females but at higher levels in males.

Estrogens

A group of steroid hormones important for the development and maintenance of female characteristics and reproductive functions.