Oliver Enterprises has collected the following data for one of its products: Direct materials standard (5 pounds per unit @ $ 0.57/lb.) $ 2.85 per finished good Actual direct materials purchased 36 comma 000 pounds Actual Direct Materials Used (AQU) 30 comma 000 pounds Actual Price (AP) paid per pound $ 0.64 How much is the direct materials price variance?

$2,520 unfavorable

Explanation:

The formula and the computation of the material price variance is given below:

= Actual Quantity × (Standard Price - Actual Price)

= 36,000 pounds × ($0.57 - $0.64)

= 36,000 × -$0.07

= $2,520 unfavorable

Since the standard price is less than the actual price so the same reflected the unfavorable variance and thus the direct material price variance is $2,520 unfavorable

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