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Why is the direct materials price variance based on the quantity of materials purchased, but the ...

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Why is the direct materials price variance based on the quantity of materials purchased, but the ...

Why is the direct materials price variance based on the quantity of materials purchased, but the direct materials quantity variance on the quantity of materials used?

▸ Production managers are only interested in the quantity purchased.

▸ Managers need to isolate variances and take corrective action as soon as possible.

▸ Managers are required by GAAP to isolate the price variance at the latest point possible.

▸ The quantity used in production is not known until units are produced.

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Managerial Accounting

Edition: 4^th

Author: Davis

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minaebied Author

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this is exactly what I needed

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This helped my grade so much Perfect

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