ABC Ltd produces one product and has the following budgeted information available for 2015. Note: Assume no materials in stock, all to be purchased Standard Materials 2.50 x 2Kg/Unit 5 Standard Labour 10 x 3Hours/Unit 30 Budgeted production 10,000 units Actual Results Actual Materials Cost 55,000 Materials Used 20,000Kg Actual Labour Cost 306,000 Actual Labour Hours 36,000 Units Produced 12,000 11. The material price variance is