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A company uses standard costing and produces desks. It provides the following information for the month of July about lumber, which is a direct material
A company uses standard costing and produces desks. It provides the following information for the month of July about lumber, which is a direct material for the desks:
Material Actual Price per pound Standard Price per pound Actual Amount Used in Production Actual Amount Purchased
Lumber $ $pound pounds pounds
The materials quantity standard is pounds of lumber per desk.
The company produced desks in July.
What is the materials price variance for lumber for the month of July?
Enter your answer as a positive number and if it is favorable or unfavorable
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