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ABC Company reports the following information for the most recent period when 2,750 units were produced. Cost Standard Actual Materials 2 lbs. @ $5.00 per

ABC Company reports the following information for the most recent period when 2,750 units were produced.

Cost	Standard	Actual
Materials	2 lbs. @ $5.00 per pound	7,000 pounds purchased for $34,650
Labor	0.50 hours @ $8.00 per hour	1,400 hours @ $7.95 per hour

Refer to ABC Company. Calculate the direct materials price variance.

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