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The reconciliation statement is as follows: $ Flexed budget material 9,000 units x 1,701,000 cost (original standard) $189 Material price planning 36,000kg x ($25/kg 72,000 favourable variance--ingredient A - $23/kg) Material price planning 27,000kg x ($22/kg 54,000 favourable variance--ingredient B - $20/kg) Flexed budget material 1,575,000 cost (revised standard) Material price operational (35,000kg x 105,000 adverse variance--ingredient A $23/kg) - $910,000 Material price operational (28,000kg x 70,000 adverse variance--ingredient B $20/kg) - $630,000 Material price variance (27,000kg x 14,500 favourable -ingredient C $11.50/kg) - $296,000 Material mix variance Workings to 74,500 favourable follow Material yield variance Workings to 175,000 adverse follow Actual material cost 1,836,000
Alternatively, the material yield variance can be calculated by comparing the output that should have been produced from the material input with the actual output.
The second part of the requirement makes it clear which variances need to be calculated: the material price planning variances and the operational variances, including the material price, material mix and material yield variances. Despite this, a disappointingly high number of candidates wasted a lot of valuable time calculating labour variances and variable overhead variances.