Sharp Company manufactures a product for which the following standards have been set: During March, the company purchased direct materials at a cost of 55,650 , all of which were used in the production of 3,200 units of product. In addition, 4,900 hours of direct labor time were worked on the product during the month. The cost of this labor time was 36,750 . The following variances have been computed for the month:
(a) For direct materials: (i) Compute the actual cost per foot for materials for March. (ii) Compute the materials price variance and a total variance for materials.

In chance idea and statistics, variance is the expectancy of the squared deviation of a random variable from its populace mean or sample imply. Variance is a measure of dispersion, that means it's miles a degree of the way far a fixed of numbers is unfold out from their common value.

The variance is a degree of variability. it is calculated through taking the common of squared deviations from the suggest. Variance tells you the diploma of spread for your records set. The more spread the records, the bigger the variance is when it comes to the imply.

in contrast to range and interquartile variety, variance is a degree of dispersion that takes into account the unfold of all statistics points in a data set. it is the measure of dispersion the most usually used, together with the usual deviation, that's truely the square root of the variance.

1) Material quantity variance = (Standard qty-actual qty)Standard price

-4500X = (3200*3*5-5X)

5X = 48000+4500

X(Actual qty) = 10500

Actual cost per foot = 55650/10500

= 5.30 per foot

2) Material price variance = (5-5.30)*10500

= 3150 U

Material total variance = (3200*15-55650)

= 7650 U

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