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Material Quantity Calculator

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Important Formulas of Cost Accounting

✖Standard Price refers to the predetermined cost per unit of a particular material based on factors such as historical data, market prices, negotiated contracts, or internal cost estimates.ⓘ Standard Price [STP]			+10% -10%
✖Standard Quantity refers to the predetermined amount of materials that should be used for a specific level of production or output.ⓘ Standard Quantity [SQ]			+10% -10%
✖Actual Quantity refers to the real amount or volume of a specific item, material, product, or resource used, consumed, produced, or acquired within a certain timeframe.ⓘ Actual Quantity [ACQ]			+10% -10%

✖Material Quantity is the difference between the actual quantity of materials and the standard quantity of materials based on the level of production achieved.ⓘ Material Quantity [MQ]

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Material Quantity Solution

STEP 0: Pre-Calculation Summary

Formula Used

Material Quantity = Standard Price*(Standard Quantity-Actual Quantity)
MQ = STP*(SQ-ACQ)
This formula uses 4 Variables

Variables Used

Material Quantity - Material Quantity is the difference between the actual quantity of materials and the standard quantity of materials based on the level of production achieved.
Standard Price - Standard Price refers to the predetermined cost per unit of a particular material based on factors such as historical data, market prices, negotiated contracts, or internal cost estimates.
Standard Quantity - Standard Quantity refers to the predetermined amount of materials that should be used for a specific level of production or output.
Actual Quantity - Actual Quantity refers to the real amount or volume of a specific item, material, product, or resource used, consumed, produced, or acquired within a certain timeframe.

STEP 1: Convert Input(s) to Base Unit

Standard Price: 855 --> No Conversion Required
Standard Quantity: 100 --> No Conversion Required
Actual Quantity: 95 --> No Conversion Required

STEP 2: Evaluate Formula

Substituting Input Values in Formula

MQ = STP*(SQ-ACQ) --> 855*(100-95)

Evaluating ... ...

MQ = 4275

STEP 3: Convert Result to Output's Unit

4275 --> No Conversion Required

FINAL ANSWER

4275 <-- Material Quantity

(Calculation completed in 00.004 seconds)

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Created by Aashna

IGNOU (IGNOU), India

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Indian Institute of Technology, Indian School of mines, Dhanbad (IIT ISM Dhanbad), Dhanbad

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< Cost Accounting Calculators

Material Cost Variance

LaTeX Go Material Cost Variance = (Standard Quality for Actual Output*Standard Price)-(Actual Quantity*Actual Price)

Revised Standard Quantity

LaTeX Go Revised Standard Quantity = (Standard Quantity of each Material/Total Standard Quantity)*Total Actual Quantity

Material Price Variance

LaTeX Go Material Price Variance = Actual Quantity*(Standard Price-Actual Price)

Material Quantity

LaTeX Go Material Quantity = Standard Price*(Standard Quantity-Actual Quantity)

Material Quantity Formula

LaTeX Go

Material Quantity = Standard Price*(Standard Quantity-Actual Quantity)
MQ = STP*(SQ-ACQ)

What is Material Quantity ?

Material Quantity compares the actual and expected direct material used in manufacturing a product. An unfavorable material quantity suggests that more materials were used in production than anticipated, which could be due to factors such as waste, inefficiencies, or poor production planning. Conversely, a favorable material quantity indicates that fewer materials were used than expected, leading to potential cost savings. Analyzing material quantity helps management identify areas for improvement in production processes, inventory management, and resource utilization. It also provides insights into the effectiveness of production planning and control measures. However, similar to material price variance, it's essential to consider other factors that may influence material usage, such as changes in production methods or quality standards.

How to Calculate Material Quantity?

Material Quantity calculator uses Material Quantity = Standard Price*(Standard Quantity-Actual Quantity) to calculate the Material Quantity, Material Quantity is the difference between the actual amount of materials used and the amount that was expected to be used. Material Quantity is denoted by MQ symbol.

How to calculate Material Quantity using this online calculator? To use this online calculator for Material Quantity, enter Standard Price (STP), Standard Quantity (SQ) & Actual Quantity (ACQ) and hit the calculate button. Here is how the Material Quantity calculation can be explained with given input values -> 4275 = 855*(100-95).

FAQ

What is Material Quantity?

Material Quantity is the difference between the actual amount of materials used and the amount that was expected to be used and is represented as MQ = STP*(SQ-ACQ) or Material Quantity = Standard Price*(Standard Quantity-Actual Quantity). Standard Price refers to the predetermined cost per unit of a particular material based on factors such as historical data, market prices, negotiated contracts, or internal cost estimates, Standard Quantity refers to the predetermined amount of materials that should be used for a specific level of production or output & Actual Quantity refers to the real amount or volume of a specific item, material, product, or resource used, consumed, produced, or acquired within a certain timeframe.

How to calculate Material Quantity?

Material Quantity is the difference between the actual amount of materials used and the amount that was expected to be used is calculated using Material Quantity = Standard Price*(Standard Quantity-Actual Quantity). To calculate Material Quantity, you need Standard Price (STP), Standard Quantity (SQ) & Actual Quantity (ACQ). With our tool, you need to enter the respective value for Standard Price, Standard Quantity & Actual Quantity and hit the calculate button. You can also select the units (if any) for Input(s) and the Output as well.

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