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Sagot :
The materials price variance is $ 2,900 Favorable.
Materials Price variance = ( Actual Price - Standard Price ) x Actual Quantity
= ( 80 - 81 ) x 2,900
= - 1 x 2,900
= $ 2,900 Favorable
Price variance is calculated by multiplying the actual number of units bought by the standard cost of the item. The expected or budgeted cost of an item based on engineering or production data is known as its standard cost.
The term "price variance" is used in cost accounting to describe the discrepancy between an item's expected cost and its actual cost at the time of purchase. The number of items ordered has a significant impact on an item's price, and this is taken into account.
A statistical measurement of the variation in numbers within a data set is known as variance. In more detail, variance expresses the distance between each number in the set and the mean (average), and consequently, between each individual number in the set. Often, this symbol is used to represent variation: 2.
Learn more about Price Variance here : https://brainly.com/question/25417216
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