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Exeter Company has a materials standard of 1 pound per unit of output. Each pound has a standard price of $26 per pound. During July,

Exeter Company has a materials standard of 1 pound per unit of output. Each pound has a standard price of $26 per pound. During July, Exeter paid $66,996 for 2,550 pounds, which it used to produce 2,430 units of product. What is the direct materials price variance?

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