Exam 25: Standard Costs and Balanced Scorecard

Scorpion Production Company planned to use 1 yard of plastic per unit budgeted at $81 a yard. However the plastic actually cost $80 per yard. The company actually made 3900 units although it had planned to make only 3300 units. Total yards used for production were 3960. How much is the total materials variance?

The standard quantity allowed for the units produced was 4500 pounds the standard price was $2.50 per pound and the materials quantity variance was $375 favorable. Each unit uses 1 pound of materials. How many units were actually produced?

Dillon has a standard of 2 hours of labor per unit at $12 per hour. In producing 2000 units Dillon used 3850 hours of labor at a total cost of $46970. Dillon's labor price variance is

Using standard costs