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The materials price variance is generally calculated at the time materials are purchased because ______. Multiple select question. management can generate more timely variance reports GAAP requires variances to be recognized when they are incurred it allows materials to be carried in the inventory accounts at standard cost it simplifies bookkeeping

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The calculation on materials price variance is been done at time that a purchase is made so that;

it simplifies bookkeeping.

it allows materials to be carried in the inventory accounts at standard cost.

management can generate more timely variance reports.

  • Materials price variance can be regarded as difference that exit between the actual as well as budgeted cost that is needed to acquire materials.

  • This is then multiplied by the total number of units that is been purchased.

Therefore, materials price variance helps in simplification of bookkeeping.

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