The following materials standards have been established for a particular product: 
The following data pertain to operations concerning the product for the last month: 
Required:
a)What is the materials price variance for the month?
b)What is the materials quantity variance for the month?
Definitions:
Manufacturing Data
Information and statistics related to the production processes, including metrics on efficiency, quality, cost, and output.
Cost of Goods Sold
Costs directly linked to the production of goods a company sells, such as materials and labor.
Direct Materials Purchases
The total cost of raw materials bought that are intended to be used in the manufacture of products.
Factory Overhead
All indirect costs incurred during the manufacturing process, excluding direct labor and direct materials.
Q3: (Appendix 13A)Mark Stevens is considering opening a
Q3: Raymie Food Products is famous for their
Q10: Relay Corporation manufactures batons.Relay can manufacture 300,000
Q12: Some managers believe that residual income is
Q34: What was the fixed overhead volume variance?<br>A)
Q41: Allbrand Company uses standard costs for their
Q95: Dahl Manufacturing is making its operating budget
Q98: Divisions A and B of Denner Company
Q150: Standards can be either theoretical ("impossible dream")or
Q173: (Appendix 10B)To record the incurrence of direct