TaskMaster Enterprises employs a standard cost system in whi…
TaskMaster Enterprises employs a standard cost system in which direct materials inventory is carried at standard cost. TaskMaster has established the following standards for the prime costs of one unit of product. StandardQuantity StandardPrice StandardCost Direct Materials 5 pounds $2.40 per pound $12.00 Direct Labor .30 hour $9.00 per hour 2.70 $14.70 During November, TaskMaster budgeted to manufacture 32,000 units of product. They actually purchased and used 100,000 pounds of direct materials in production at a total cost of $210,000. The total factory wages for November were $45,000. TaskMaster actually manufactured 20,000 units of product during November. What is the direct materials price variance for November?