Concord Manufacturing provided the following information about its standard costing system for 2022: Standard Data Actual Data Materials Labor 10 lbs. @ $4 per lbs. 3 hrs. @ $21 per hr. Produced Materials purchased 4,180 units Budgeted production 3,680 units Materials used 51,890 lbs. for $223,127 42,800 lbs. (a) Your answer is partially correct. Labor worked 11,520 hrs. costing $230,400 Determine the amount of the materials price variance. Identify whether the variance is favorable or unfavorable. Materials Price Variance $ 12,840 Unfavorable Attempts: 2 of 2 used (b) How much will the materials price variances differ if the price variance is determined at the time of production? Identify whether the variance is favorable or unfavorable. Materials Price Variance Difference Save for Inter +A $ Attempts: 0 of 2 used Submit