Rain Jewelry’s records for November showed that the actual q…

Rain Jewelry’s records for November showed that the actual quantity of gold colored material purchased was 6,500 ounces at an actual price of $3.80 per ounce. The total cost of the gold material purchased was $24,700.  All of the gold material purchased was used during November to manufacture 2,000 plaques.  Rain Jewelry’s standards require that one plaque requires 3 ounces of gold material at a standard cost of $4.00 per ounce. The materials price variance for November is: