Peking palace company reported the following: standard quantity per unit 3 lbs. standard price per pound $2.75 actual pounds used 15,000 lbs. actual price per pound $2.90 number of units produced 5,070 what is the direct materials quantity variance?

$577.5 favorable

Explanation:

Data provided in the question:

Standard quantity per unit 3 lbs

Standard price per pound = $2.75

Actual pounds used = 15,000 lbs

Actual price per pound = $2.90

Number of units produced = 5,070

Now,

The direct materials quantity variance is given as;

= | ( Actual quantity - Standard quantity ) | × Standard price

= ( 15,000 lbs - {Standard quantity per unit × units produced}) × $2.75

=  ( 15,000 lbs - { 3 × 5,070}) × $2.75

= | ( 15,000 lbs - 15,210 ) | × $2.75

= $577.5

Since,

Standard quantity is higher than the actual quantity

thus,

$577.5 favorable

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