What is tools-n-time''s materials price variance
Tools-N-Time has a standard of 1.5 pounds of materials per unit, at $4 per pound. In producing 2,000 units, Tools-N-Time used 3,100 pounds of materials at a total cost of $12,090.
what is Tools-N-Time's materials price variance ?
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The standard quantity allowed for the units produced was 6,500 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?
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