Question: Using Standard Costing Information to Improve Efficiency As head plant manager, overseeing the entire production cycle, you have received a report from your accounting staff

Using Standard Costing Information to Improve Efficiency

As head plant manager, overseeing the entire production cycle, you have received a report from your accounting staff showing the results of your standard costing practices, shown below:

Materials Price Variance 80,000 Favorable

Materials Quantity Variance 60,000 Unfavorable

Labor Rate Variance 75,000 Unfavorable

Labor Efficiency Variance 90,000 Unfavorable

It is your job to bring these variances more in line so that the plant runs more efficiently and effectively.

What are the first steps you take for corrective action, to whom do you address this variance problem, and why do you feel that they should be held responsible?

Provide specific details to support your opinion in your response.

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