1 Acme Inc. has the following information available: Actual price paid for material Standard price for material Actual quantity purchased and used in production Standard quantity for units produced Actual labor rate per hour Standard labor rate per hour Actual hours Standard hours for units produced $ 1.00 $ 1.20 100 110 $15.00 $ 16.00 200 220 5 p Calculate the Material Price Variance and indicate if the variance is favorable or unfavorable