# 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:

1. Calculate actual cost

Actual cost = Actual Quantity x Actual Price

1. Standard cost of actual quantity

Standard cost =Standard Price xActual Quantity

1. Calculate Variance

Material Price Variance= Actual Cost (found using step 1) – Standard cost of actual quantity (found using step 2)

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