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.