The following materials standards have been established for…
The following materials standards have been established for a particular product:Standard quantity per unit of output 5.3 metersStandard price $17.20 per meterThe following data pertain to operations concerning the product for the last month:Actual materials purchased 8,100 metersActual cost of materials purchased $141,345Actual materials used in production 7,600 metersActual output 1,400 unitsWhat is the materials price variance for the month?