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Suver Corporation has a standard costing system. The following data are available for June
Actual quantity of direct materials purchased 20,000 pounds.
standard price of direct materials $ 7.00 per pound.
Material price variance $ 5,000 Unfavorable
Material quantity variance S 2,500 Favorable
The actual price per pound of direct materials purchased in June was:
Multiple Choice
A. $7.00 per pound.
B. $6.68 per pound.
C. $7.25 per pound.
D. $7.32 per pound.

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Answer:

The correct answer is C.

Explanation:

Giving the following information:

The actual quantity of direct materials purchased 20,000 pounds.

standard price of direct materials $ 7.00 per pound.

Material price variance $ 5,000 Unfavorable.

Material quantity variance S 2,500 Favorable.

Direct material price variance= (standard price - actual price)*actual quantity

-5,000= (7 - AP)*20,000

5,000= 140,000 - 20,000AP

20,000= 145,000AP

Actual price= 7.25

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