QUESTION: WHAT IS THE MATERIALS PRICE VARIANCE AND MATERIALS QUANTITY VARIANCE?

QUESTION: WHAT IS THE MATERIALS PRICE VARIANCE AND MATERIALS QUANTITY VARIANCE? Bandar Industries Berhad of Malaysia manufactures sporting equipment. One of the company's products, a football helmet for the North American market, requires a special plastic. During the quarter ending June 30, the company manufactured 3,500 helmets, using 1,960 kilograms of plastic. The plastic cost the company $14,896. According to the standard cost card, each helmet should require 0.51 kilogram of plastic, at a cost of $8.00 per kilogram. Required: 1. According to the standards, what cost for plastic should have been incurred to make 3,500 helmets? How much greater or less is this than the cost that was incurred? (Round Standard kilograms of plastic per helmet to 2 decimal places.)