in producing one unit of product a21 the following standard cost for materials has b 611298

In producing one unit of product A21, the following standard cost for materials has been set:

20 metres × £7.00 per metre = £140.00

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However, recent production data show that the firm is using 24 metres @ £5.50 per metre in the production of one unit:

Total materials variance = Actual materials cost – Standard materials cost

Actual materials cost

Standard materials cost

Materials cost variance

20 x £7 = £140

24 x £5.50 = £132

= £8 (Adverse)

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