Company X has a price standard of $2 per lbs.

5,000 lbs was bought at $2.20 per lbs.

The actual quantity used was 5,000 lbs, although the standard quantity for output was 4,500 lbs

What is Company X's quantity variance?

Here is my answer

(4,500 - 5,000) x 2 = $1,000 U

please advise if inccorect