Ivanhoe Company budgeted the following cost standards for the current year: Direct materials (2 kg of plastic at $5.00 per kilogram) $10.00 Direct labour (2 hours at $12 per hour) 24.00 Variable manufacturing overhead Fixed manufacturing overhead Total standard cost per unit $51.55 10.50 7.05 Actual costs for producing 2,660 units were as follows: 5,810 kg $32.389 Direct materials used Direct materiais purchased (6,610 kg) Direct labour (6,950 hours Variable manufacturing costs Fixed manufacturing costs $65,330 $32.900 $17,600 (a) Your answer is partially correct Calculate the materials price variance for materials purchased (Round per unit calculations to 2 decimal places, es 1.25 and final answers to decimal places, e.g. 125) Materials price variance $ 641 Favourable