business
posted by chunky on .
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.

how much is 490,000 lbs of gold worth