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

Calculate the Material Price Variance and indicate if the variance is favorable or unfavorable

Calculate the Material Price Variance and indicate if the variance is favorable or unfovorable