Aquatic Corp

Short Answer

Aquatic Corp.'s standard material requirement to produce one 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.  It used 162,000 pounds to produce 10,000 units of Model 2000.  
Calculate the materials price variance and materials quantity variance, and indicate whether each variance is favorable or unfavorable.