Homework Help: business

Posted by chunky on Monday, February 20, 2012 at 1:05am.

47. Idol Company has developed standards for the materials required to produce a single
unit of Model IWIN:

25 pounds of Supreme at $130.00 per pound
Last month, Idol purchased 490,000 pounds of Supreme at a total cost of
$61,250,000. Idol used 482,000 pounds of Supreme to make 19,000 units of IWIN.

Calculate the material price variance and material quantity variance, and indicate whether
each variance is favorable or unfavorable.

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