Aquatic Corp

question 161

Essay

Aquatic Corp.'s standard material requirement to produce a single of Model 2000 is 15 pounds of material @ $110.00 per pound.
Last month, Aquatic purchased 170,000 pounds of material at a total cost of $17,850,000. They used 162,000 pounds to produce 10,000 units of Model 2000.
Required:
Calculate the material price variance and material quantity variance, and indicate whether each variance is favorable or unfavorable.

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Definitions:

Seam Weld

A welding technique used to join two pieces of metal together along a continuous line by heating with an electric arc, laser, or other methods.

Weld Symbol

A symbolic representation used in technical drawings to identify the type, location, dimension, and other details of a weld.

Plug Weld

A type of weld used to fill a hole in one component that is to be joined to another component, securing them together.

Weld Symbol

A set of standard symbols used on blueprints and drawings to specify the type of weld, its size, and other processing and finishing information.