Direct Material Variance Homework Help
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What is direct material variance?
Definition:It is broken into two categories:
Direct material price variance
-It is difference between direct material’s actual cost and the standard cost of quantity of materials being purchased.
Direct material usage variance
–It is measured by the difference between the actual quantity of material utilized at a particular time and the standard consumption by material for the achieved output.
Formula for direct material price variance:
(Actual Quantity x Actual price) – (Actual quantity x standard price)
= Actual cost – Standard Cost of Actual Quantity
Where, Actual Quantity=Quantity when variance is calculated during material purchase and quantity when variance is calculated during material consumption.
Steps to calculate direct material variance
These are some simple steps which you need to follow to calculate direct material variance:
- Calculate actual cost
Actual cost = Actual Quantity x Actual Price
- Standard cost of actual quantity
Standard cost =Standard Price xActual Quantity
- Calculate Variance
Material Price Variance= Actual Cost (found using step 1) – Standard cost of actual quantity (found using step 2)
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