McCaffee Company has established the following standards: direct materials quantity standard of 1 pound per widget and direct materials price standard of $2 per pound.. In producing 50,000 widgets, 45,000 pounds of materials were used at a cost of $2.10 per pound. What is the materials price variance

$4500 unfavorable

Explanation:

Material price variance is the difference between the standard price and actual price at the actual quantity. It could be due to the changes in the prices as expected.

Formula for Material price variance is

Material Price Variance = ( Standard price - Actual price ) x Actual Quantity

Material Price Variance = ( $2 - $2.10 ) x 45,000

Material Price Variance = -$0.10 x 45,000

Material Price Variance = -$4500

As the actual cost is more than the estimated / budgeted cost, the higher cost incurred means higher expenditure which is unfavorable for the company.

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1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know