Xyz company makes one product and has calculated the following amounts for direct materials: aq x ap = $150,000; aq x sp = $145,000; sq x sp = $152,000. compute the materials quantity variance.

Material quantity variance= $7,000 favorable

Explanation:

Giving the following information:

XYZ Company makes one product and has calculated the following amounts for direct materials: AQ x AP = $150,000; AQ x SP = $145,000; SQ x SP = $152,000

Material quantity variance= SQ*SP - AQ*SP

Material quantity variance= 152,000 - 145,000= 7,000 favorable

$2000 Favorable

Explanation:

$150,000 - $152,000 = $2000 Favorable

(a) when insurance is obtained through a reciprocal insurer, the insureds are sharing the risk of loss with other subscribers of that reciprocal.

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