{"id":517,"date":"2018-04-17T23:57:19","date_gmt":"2018-04-17T23:57:19","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/wm-accountingformanagers\/?post_type=chapter&#038;p=517"},"modified":"2024-04-29T17:21:58","modified_gmt":"2024-04-29T17:21:58","slug":"material-cost-variance","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/wm-accountingformanagers\/chapter\/material-cost-variance\/","title":{"raw":"Material Cost Variance","rendered":"Material Cost Variance"},"content":{"raw":"<div class=\"textbox learning-objectives\">\r\n<h3>Learning Outcomes<\/h3>\r\n<ul>\r\n \t<li>Analyze the variance between expected material cost and actual material costs<\/li>\r\n<\/ul>\r\n<\/div>\r\nSo let\u2019s head back to our Hupana Running Company and review their raw materials by cost and quantity to see where differences might occur, and how we calculate spending variances or quantity variances. Both are important and are used to calculate the overall spending variance.\r\n\r\nYou might want to revisit these three video tutorials before we get started here.\r\n\r\nhttps:\/\/youtu.be\/i2Ho1v0g4h4\r\n\r\nhttps:\/\/youtu.be\/td2TxqzbthA\r\n\r\nhttps:\/\/youtu.be\/7UcxWOt4ArM\r\n\r\nMaterial variance can vary based on material quantity, material cost or both. \u00a0Standard cost variance analysis for direct materials can be shown like this:\r\n\r\n<img class=\"wp-image-1592 size-full aligncenter\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2985\/2018\/04\/17173216\/Screen-Shot-2018-07-17-at-10.31.51-AM.png\" alt=\"Spending Variance flows into Price Variance, Actual Quantity of Input at Standard Price, and Quantity Variance. Price Variance flows into Actual Quantity of Input at Actual Price. Quantity Variance flows into Standard Quantity Allowed for Actual Output at Standard Price\" width=\"605\" height=\"316\" \/>\r\n\r\nSo we will use this chart to look at some different scenarios for Hupana Running Company. \u00a0Our original direct materials budget calls for 10,250 units of raw materials at $2 per unit to meet our manufacturing requirements. So, we budgeted to spend $21,000 on our raw materials because we wanted a little beginning inventory for the new period. What happens if the price, quantity or both change?\r\n\r\nWhen we talk about expected material costs and actual material costs we need to consider a couple of factors. \u00a0First, there is the quantity of material that goes into each unit. Then there is the cost per unit of material. These two pieces of information are important to consider when analyzing the variance between expected and actual material costs.\r\n\r\nLet\u2019s go back to Hupana Running Company. Their direct material cost budget is as follows:\r\n<table style=\"border-collapse: collapse; width: 100%;\" border=\"1\">\r\n<tbody>\r\n<tr style=\"height: 15px;\">\r\n<td style=\"width: 50%; height: 15px;\"><\/td>\r\n<th style=\"width: 50%; height: 15px;\" scope=\"col\">Total<\/th>\r\n<\/tr>\r\n<tr style=\"height: 15px;\">\r\n<th style=\"width: 50%; height: 15px;\" scope=\"row\">Required production in pairs<\/th>\r\n<td style=\"width: 50%; height: 15px;\">2050<\/td>\r\n<\/tr>\r\n<tr style=\"height: 15px;\">\r\n<th style=\"width: 50%; height: 15px;\" scope=\"row\">Units of raw material needed per pair<\/th>\r\n<td style=\"width: 50%; height: 15px;\">5<\/td>\r\n<\/tr>\r\n<tr style=\"height: 15px;\">\r\n<th style=\"width: 50%; height: 15px;\" scope=\"row\">Units of raw material needed to meet production<\/th>\r\n<td style=\"width: 50%; height: 15px;\">10250<\/td>\r\n<\/tr>\r\n<tr style=\"height: 15px;\">\r\n<th style=\"width: 50%; height: 15px;\" scope=\"row\">Plus desired ending raw material inventory<\/th>\r\n<td style=\"width: 50%; height: 15px;\">500<\/td>\r\n<\/tr>\r\n<tr style=\"height: 15px;\">\r\n<th style=\"width: 50%; height: 15px;\" scope=\"row\">Total units of raw materials needed<\/th>\r\n<td style=\"width: 50%; height: 15px;\">10750<\/td>\r\n<\/tr>\r\n<tr style=\"height: 15px;\">\r\n<th style=\"width: 50%; height: 15px;\" scope=\"row\">Less units in beginning raw material inventory<\/th>\r\n<td style=\"width: 50%; height: 15px;\">250<\/td>\r\n<\/tr>\r\n<tr style=\"height: 15px;\">\r\n<th style=\"width: 50%; height: 15px;\" scope=\"row\">Units of raw materials to be purchased<\/th>\r\n<td style=\"width: 50%; height: 15px;\">10500<\/td>\r\n<\/tr>\r\n<tr style=\"height: 15px;\">\r\n<th style=\"width: 50%; height: 15px;\" scope=\"row\">Cost of raw material per unit<\/th>\r\n<td style=\"width: 50%; height: 15px;\">$2<\/td>\r\n<\/tr>\r\n<tr style=\"height: 15px;\">\r\n<th style=\"width: 50%; height: 15px;\" scope=\"row\">Cost of raw material to be purchased<\/th>\r\n<td style=\"width: 50%; height: 15px;\">$21,000<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\nKeeping the required production in pairs at 2050, What would happen if there was a ton of waste in production and we used 7.5 units of raw material per pair, instead of 5?\r\n<table style=\"border-collapse: collapse; width: 100%;\" border=\"1\">\r\n<tbody>\r\n<tr style=\"height: 15px;\">\r\n<td style=\"width: 50%; height: 15px;\"><\/td>\r\n<th style=\"width: 50%; height: 15px;\" scope=\"col\">Total<\/th>\r\n<\/tr>\r\n<tr style=\"height: 15px;\">\r\n<th style=\"width: 50%; height: 15px;\" scope=\"row\">Required production in pairs<\/th>\r\n<td style=\"width: 50%; height: 15px;\">2050<\/td>\r\n<\/tr>\r\n<tr style=\"height: 15px;\">\r\n<th style=\"width: 50%; height: 15px;\" scope=\"row\">Units of raw material needed per pair<\/th>\r\n<td style=\"width: 50%; height: 15px;\">7.5<\/td>\r\n<\/tr>\r\n<tr style=\"height: 15px;\">\r\n<th style=\"width: 50%; height: 15px;\" scope=\"row\">Units of raw material needed to meet production<\/th>\r\n<td style=\"width: 50%; height: 15px;\">15375<\/td>\r\n<\/tr>\r\n<tr style=\"height: 15px;\">\r\n<th style=\"width: 50%; height: 15px;\" scope=\"row\">Plus desired ending raw material inventory<\/th>\r\n<td style=\"width: 50%; height: 15px;\">500<\/td>\r\n<\/tr>\r\n<tr style=\"height: 15px;\">\r\n<th style=\"width: 50%; height: 15px;\" scope=\"row\">Total units of raw materials needed<\/th>\r\n<td style=\"width: 50%; height: 15px;\">15875<\/td>\r\n<\/tr>\r\n<tr style=\"height: 15px;\">\r\n<th style=\"width: 50%; height: 15px;\" scope=\"row\">Less units beginning raw material inventory<\/th>\r\n<td style=\"width: 50%; height: 15px;\">250<\/td>\r\n<\/tr>\r\n<tr style=\"height: 15px;\">\r\n<th style=\"width: 50%; height: 15px;\" scope=\"row\">Units of raw materials to be purchased<\/th>\r\n<td style=\"width: 50%; height: 15px;\">15625<\/td>\r\n<\/tr>\r\n<tr style=\"height: 15px;\">\r\n<th style=\"width: 50%; height: 15px;\" scope=\"row\">Cost of raw material per unit<\/th>\r\n<td style=\"width: 50%; height: 15px;\">$2<\/td>\r\n<\/tr>\r\n<tr style=\"height: 15px;\">\r\n<th style=\"width: 50%; height: 15px;\" scope=\"row\">Cost of raw material to be purchased<\/th>\r\n<td style=\"width: 50%; height: 15px;\">$31,250<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\nThis results in a change in <strong>quantity<\/strong> of product, but the price remains the same. So using our chart from 10.2, we can calculate as follows:\r\n<ul>\r\n \t<li>Actual quantity allowed for actual output at standard price = 10,500\u00a0\u00d7 $2= $21,000<\/li>\r\n \t<li>Actual quantity of input at actual price = 15,625 \u00d7 $2 = $31,250<\/li>\r\n<\/ul>\r\nSo our spending variance is $10,250\r\n\r\nWe now have spent $31,250 on our raw materials, when we had budgeted $21,000. Waste, scrap, production issues or improper training could all have been at fault for this variance issue. This definitely needs to be reviewed.\r\n\r\nSo, what would happen if the <strong>cost<\/strong> per unit of input went down to $1.25, but our waste remained high?\r\n\r\nNow we would still need to purchase 15,625 units, but at a cost of $1.25\/unit so $19,531.25 would be our total spent on direct materials. Now the variances become more clear, right?\r\n\r\nWe purchased <strong>more<\/strong> units, but at a\u00a0<strong>lower<\/strong> price.\u00a0So we had a quantity variance <strong>and<\/strong> a price variance. There can be <strong>either<\/strong> a price variance or a quantity variance, but there can also be a combination that creates the spending variance.\r\n\r\nTaking this information to management might be a bit uncomfortable if the first scenario happens, right? Do your homework before putting together your report. Check with your production manager and see if she can shed some light on the problem. \u00a0But, in the second scenario, the lower price per unit compensates for the additional units used!\r\n\r\nWhichever direction this takes, you may find your production department laying blame on the purchasing team for buying substandard product. The purchasing team might blame production for sloppy work. You may need to do some sleuthing to figure this one out.\r\n<div class=\"textbox tryit\">\r\n<h3>Practice Questions<\/h3>\r\nhttps:\/\/assess.lumenlearning.com\/practice\/31ff7b17-5f9e-4049-8715-5b0e4c451bfb\r\n<\/div>","rendered":"<div class=\"textbox learning-objectives\">\n<h3>Learning Outcomes<\/h3>\n<ul>\n<li>Analyze the variance between expected material cost and actual material costs<\/li>\n<\/ul>\n<\/div>\n<p>So let\u2019s head back to our Hupana Running Company and review their raw materials by cost and quantity to see where differences might occur, and how we calculate spending variances or quantity variances. Both are important and are used to calculate the overall spending variance.<\/p>\n<p>You might want to revisit these three video tutorials before we get started here.<\/p>\n<p><iframe loading=\"lazy\" id=\"oembed-1\" title=\"Variance Analysis   Part 1 of 3\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/i2Ho1v0g4h4?feature=oembed&#38;rel=0\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p><iframe loading=\"lazy\" id=\"oembed-2\" title=\"Variance Analysis - Part 2 of 3\" width=\"500\" height=\"375\" src=\"https:\/\/www.youtube.com\/embed\/td2TxqzbthA?feature=oembed&#38;rel=0\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p><iframe loading=\"lazy\" id=\"oembed-3\" title=\"Variance Analysis - Part 3 of 3\" width=\"500\" height=\"375\" src=\"https:\/\/www.youtube.com\/embed\/7UcxWOt4ArM?feature=oembed&#38;rel=0\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>Material variance can vary based on material quantity, material cost or both. \u00a0Standard cost variance analysis for direct materials can be shown like this:<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-1592 size-full aligncenter\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2985\/2018\/04\/17173216\/Screen-Shot-2018-07-17-at-10.31.51-AM.png\" alt=\"Spending Variance flows into Price Variance, Actual Quantity of Input at Standard Price, and Quantity Variance. Price Variance flows into Actual Quantity of Input at Actual Price. Quantity Variance flows into Standard Quantity Allowed for Actual Output at Standard Price\" width=\"605\" height=\"316\" \/><\/p>\n<p>So we will use this chart to look at some different scenarios for Hupana Running Company. \u00a0Our original direct materials budget calls for 10,250 units of raw materials at $2 per unit to meet our manufacturing requirements. So, we budgeted to spend $21,000 on our raw materials because we wanted a little beginning inventory for the new period. What happens if the price, quantity or both change?<\/p>\n<p>When we talk about expected material costs and actual material costs we need to consider a couple of factors. \u00a0First, there is the quantity of material that goes into each unit. Then there is the cost per unit of material. These two pieces of information are important to consider when analyzing the variance between expected and actual material costs.<\/p>\n<p>Let\u2019s go back to Hupana Running Company. Their direct material cost budget is as follows:<\/p>\n<table style=\"border-collapse: collapse; width: 100%;\">\n<tbody>\n<tr style=\"height: 15px;\">\n<td style=\"width: 50%; height: 15px;\"><\/td>\n<th style=\"width: 50%; height: 15px;\" scope=\"col\">Total<\/th>\n<\/tr>\n<tr style=\"height: 15px;\">\n<th style=\"width: 50%; height: 15px;\" scope=\"row\">Required production in pairs<\/th>\n<td style=\"width: 50%; height: 15px;\">2050<\/td>\n<\/tr>\n<tr style=\"height: 15px;\">\n<th style=\"width: 50%; height: 15px;\" scope=\"row\">Units of raw material needed per pair<\/th>\n<td style=\"width: 50%; height: 15px;\">5<\/td>\n<\/tr>\n<tr style=\"height: 15px;\">\n<th style=\"width: 50%; height: 15px;\" scope=\"row\">Units of raw material needed to meet production<\/th>\n<td style=\"width: 50%; height: 15px;\">10250<\/td>\n<\/tr>\n<tr style=\"height: 15px;\">\n<th style=\"width: 50%; height: 15px;\" scope=\"row\">Plus desired ending raw material inventory<\/th>\n<td style=\"width: 50%; height: 15px;\">500<\/td>\n<\/tr>\n<tr style=\"height: 15px;\">\n<th style=\"width: 50%; height: 15px;\" scope=\"row\">Total units of raw materials needed<\/th>\n<td style=\"width: 50%; height: 15px;\">10750<\/td>\n<\/tr>\n<tr style=\"height: 15px;\">\n<th style=\"width: 50%; height: 15px;\" scope=\"row\">Less units in beginning raw material inventory<\/th>\n<td style=\"width: 50%; height: 15px;\">250<\/td>\n<\/tr>\n<tr style=\"height: 15px;\">\n<th style=\"width: 50%; height: 15px;\" scope=\"row\">Units of raw materials to be purchased<\/th>\n<td style=\"width: 50%; height: 15px;\">10500<\/td>\n<\/tr>\n<tr style=\"height: 15px;\">\n<th style=\"width: 50%; height: 15px;\" scope=\"row\">Cost of raw material per unit<\/th>\n<td style=\"width: 50%; height: 15px;\">$2<\/td>\n<\/tr>\n<tr style=\"height: 15px;\">\n<th style=\"width: 50%; height: 15px;\" scope=\"row\">Cost of raw material to be purchased<\/th>\n<td style=\"width: 50%; height: 15px;\">$21,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Keeping the required production in pairs at 2050, What would happen if there was a ton of waste in production and we used 7.5 units of raw material per pair, instead of 5?<\/p>\n<table style=\"border-collapse: collapse; width: 100%;\">\n<tbody>\n<tr style=\"height: 15px;\">\n<td style=\"width: 50%; height: 15px;\"><\/td>\n<th style=\"width: 50%; height: 15px;\" scope=\"col\">Total<\/th>\n<\/tr>\n<tr style=\"height: 15px;\">\n<th style=\"width: 50%; height: 15px;\" scope=\"row\">Required production in pairs<\/th>\n<td style=\"width: 50%; height: 15px;\">2050<\/td>\n<\/tr>\n<tr style=\"height: 15px;\">\n<th style=\"width: 50%; height: 15px;\" scope=\"row\">Units of raw material needed per pair<\/th>\n<td style=\"width: 50%; height: 15px;\">7.5<\/td>\n<\/tr>\n<tr style=\"height: 15px;\">\n<th style=\"width: 50%; height: 15px;\" scope=\"row\">Units of raw material needed to meet production<\/th>\n<td style=\"width: 50%; height: 15px;\">15375<\/td>\n<\/tr>\n<tr style=\"height: 15px;\">\n<th style=\"width: 50%; height: 15px;\" scope=\"row\">Plus desired ending raw material inventory<\/th>\n<td style=\"width: 50%; height: 15px;\">500<\/td>\n<\/tr>\n<tr style=\"height: 15px;\">\n<th style=\"width: 50%; height: 15px;\" scope=\"row\">Total units of raw materials needed<\/th>\n<td style=\"width: 50%; height: 15px;\">15875<\/td>\n<\/tr>\n<tr style=\"height: 15px;\">\n<th style=\"width: 50%; height: 15px;\" scope=\"row\">Less units beginning raw material inventory<\/th>\n<td style=\"width: 50%; height: 15px;\">250<\/td>\n<\/tr>\n<tr style=\"height: 15px;\">\n<th style=\"width: 50%; height: 15px;\" scope=\"row\">Units of raw materials to be purchased<\/th>\n<td style=\"width: 50%; height: 15px;\">15625<\/td>\n<\/tr>\n<tr style=\"height: 15px;\">\n<th style=\"width: 50%; height: 15px;\" scope=\"row\">Cost of raw material per unit<\/th>\n<td style=\"width: 50%; height: 15px;\">$2<\/td>\n<\/tr>\n<tr style=\"height: 15px;\">\n<th style=\"width: 50%; height: 15px;\" scope=\"row\">Cost of raw material to be purchased<\/th>\n<td style=\"width: 50%; height: 15px;\">$31,250<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>This results in a change in <strong>quantity<\/strong> of product, but the price remains the same. So using our chart from 10.2, we can calculate as follows:<\/p>\n<ul>\n<li>Actual quantity allowed for actual output at standard price = 10,500\u00a0\u00d7 $2= $21,000<\/li>\n<li>Actual quantity of input at actual price = 15,625 \u00d7 $2 = $31,250<\/li>\n<\/ul>\n<p>So our spending variance is $10,250<\/p>\n<p>We now have spent $31,250 on our raw materials, when we had budgeted $21,000. Waste, scrap, production issues or improper training could all have been at fault for this variance issue. This definitely needs to be reviewed.<\/p>\n<p>So, what would happen if the <strong>cost<\/strong> per unit of input went down to $1.25, but our waste remained high?<\/p>\n<p>Now we would still need to purchase 15,625 units, but at a cost of $1.25\/unit so $19,531.25 would be our total spent on direct materials. Now the variances become more clear, right?<\/p>\n<p>We purchased <strong>more<\/strong> units, but at a\u00a0<strong>lower<\/strong> price.\u00a0So we had a quantity variance <strong>and<\/strong> a price variance. There can be <strong>either<\/strong> a price variance or a quantity variance, but there can also be a combination that creates the spending variance.<\/p>\n<p>Taking this information to management might be a bit uncomfortable if the first scenario happens, right? Do your homework before putting together your report. Check with your production manager and see if she can shed some light on the problem. \u00a0But, in the second scenario, the lower price per unit compensates for the additional units used!<\/p>\n<p>Whichever direction this takes, you may find your production department laying blame on the purchasing team for buying substandard product. The purchasing team might blame production for sloppy work. You may need to do some sleuthing to figure this one out.<\/p>\n<div class=\"textbox tryit\">\n<h3>Practice Questions<\/h3>\n<p>\t<iframe id=\"assessment_practice_31ff7b17-5f9e-4049-8715-5b0e4c451bfb\" class=\"resizable\" src=\"https:\/\/assess.lumenlearning.com\/practice\/31ff7b17-5f9e-4049-8715-5b0e4c451bfb?iframe_resize_id=assessment_practice_id_31ff7b17-5f9e-4049-8715-5b0e4c451bfb\" frameborder=\"0\" style=\"border:none;width:100%;height:100%;min-height:300px;\"><br \/>\n\t<\/iframe>\n<\/div>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-517\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li>Material Cost Variance. <strong>Authored by<\/strong>: Freedom Learning Group. <strong>Provided by<\/strong>: Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><div class=\"license-attribution-dropdown-subheading\">All rights reserved content<\/div><ul class=\"citation-list\"><li>Variance Analysis Part 1 of 3. <strong>Authored by<\/strong>: Tony Bell. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/youtu.be\/i2Ho1v0g4h4\">https:\/\/youtu.be\/i2Ho1v0g4h4<\/a>. <strong>License<\/strong>: <em>All Rights Reserved<\/em>. <strong>License Terms<\/strong>: Standard YouTube License<\/li><li>Variance Analysis: Part 2 of 3. <strong>Authored by<\/strong>: Tony Bell. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/youtu.be\/td2TxqzbthA\">https:\/\/youtu.be\/td2TxqzbthA<\/a>. <strong>License<\/strong>: <em>All Rights Reserved<\/em>. <strong>License Terms<\/strong>: Standard YouTube License<\/li><li>Variance Analysis- Part 3 of 3. <strong>Authored by<\/strong>: Tony Bell. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/youtu.be\/7UcxWOt4ArM\">https:\/\/youtu.be\/7UcxWOt4ArM<\/a>. <strong>License<\/strong>: <em>All Rights Reserved<\/em>. <strong>License Terms<\/strong>: Standard YouTube License<\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section>","protected":false},"author":62559,"menu_order":7,"template":"","meta":{"_candela_citation":"[{\"type\":\"original\",\"description\":\"Material Cost Variance\",\"author\":\"Freedom Learning Group\",\"organization\":\"Lumen Learning\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"},{\"type\":\"copyrighted_video\",\"description\":\"Variance Analysis Part 1 of 3\",\"author\":\"Tony Bell\",\"organization\":\"\",\"url\":\"https:\/\/youtu.be\/i2Ho1v0g4h4\",\"project\":\"\",\"license\":\"arr\",\"license_terms\":\"Standard YouTube License\"},{\"type\":\"copyrighted_video\",\"description\":\"Variance Analysis: Part 2 of 3\",\"author\":\"Tony 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