McCaffee Company has established the following standards: direct materials quantity standard of 1 pound per widget and direct materials price standard of $2 per pound.. In producing 50,000 widgets, 45,000 pounds of materials were used at a cost of $2.10 per pound. What is the materials price variance

$4500 unfavorable

Explanation:

Material price variance is the difference between the standard price and actual price at the actual quantity. It could be due to the changes in the prices as expected.

Formula for Material price variance is

Material Price Variance = ( Standard price - Actual price ) x Actual Quantity

Material Price Variance = ( $2 - $2.10 ) x 45,000

Material Price Variance = -$0.10 x 45,000

Material Price Variance = -$4500

As the actual cost is more than the estimated / budgeted cost, the higher cost incurred means higher expenditure which is unfavorable for the company.

happiness is the correct luck

explanation:

the correct answer is economics is a game without winners or losers.

unlike sports or games economic is a game without losers or winner rather it is a game where everyone wins. parties of business doing businesses exchange money with each other and hence exchange is done on the basis of goods. one party takes the goods and other sales it so there is winner on both sides. each party values more highly the good it gets than the good it gives up. both sides exchange only because both intend to increase their value. so there is no concept of lose or win.