7 Dexter Company uses a standard costing system with direct labors hours being the basis (cost driver) for applying overhead. Dexter Corporations's standard cost card shows the following for one unit of product Alpha. Std Qty Std price (rate) Std. cost Direct materials 1.5 pounds $30,00 per pound $45.00 Direct labor 1.0 hours $20.00 per hour $20.00 Variable Overhead 1.0 hours $2.50 per DL hour $ 2.50 Fixed Overhead 1.0 hours $7.50 per DL hour $ 750 $75.00 8 01:04:40 During the month of July, the following was recorded by the company relative to its production of product Alpha: Planned level of production Actual level of production Direct materials purchased Cost of direct materials purchased Direct materials placed into production Direct labor incurred Actual direct labor cost Actual variable overhead cost Actual fixed overhead cost 3,100 units 3,000 units 5,000 pounds $152,000 4,400 pounds 3,050 hours $60,390 $6,405 $24,400 Compute the Direct Materials price variance for the month