Chapter 7 BB exercise No. 2 - Practice Question no 2

MSU makes blue jean jackets. The standard costs per jacket are as follows:

Budgeted Qty Budgeted Price

Direct Material .20 $ 60.00 per yard

Direct Labor .10 $ 30.00 per hour

MSU produced and sold 10,000 jackets using 1,000 yards of direct materials at a cost of $ 64.00 per yard and 500 hours of direct labor at a wage of $ 30.50 per hour.

What is the direct manufacturing material price variance?