The standard cost card for a product indicates that one unit of the product requires 5 kilograms of a raw material at $0.80 per kilogram. The production of the product in April was 660 units, but production had been budgeted for 640 units. During April, 7,000 kilograms of the raw material were purchased for $6,040 and 3,535 kilograms of the raw material were used in production. The material variances for April were:

Price Variance              $440  Unfavorable

Usage variance           $188  unfavorable

Explanation:

A material price variance occurs where materials are purchased at a price either lower or higher than the standard price. A favorable variance is recorded where the actual total cost of materials is lower that the standard cost. While an adverse variance implies the opposite.

Price variance                                                                    $

7000 kg should have cost (7000× $0.80)                 5600

but did cost                                                                   6,040          

Price Variance                                                                 440 Unfavorable

Price Variance              $440  Unfavorable

Usage variance          

A material usage variance occurs when the standard quantity required to active a particular level of production is higher or lower than than the actual actual quantity used. A favorable variance would mean than less quantity of materials were used than the standard to achieve a given output level. And an adverse variance would mean the opposite    

                                                                                           Kg                                                                        

640 units should have used (660× 5kg)                        3,300

but did use                                                                        3,535                                      

Usage variance in Kg                                                     235 unfavorable

Standard price                                                           ×   $0.80

 Usage variance in $                                                      $188  unfavorable

 Usage variance in $188  unfavorable

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answer; microeconomics;