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Jakes Cheese Company produces gourmet cheese for resale at local grocery stores. Jakes expected to use 3.0 pounds of direct materials to produce one unit

Jakes Cheese Company produces gourmet cheese for resale at local grocery stores. Jakes expected to use 3.0 pounds of direct materials to produce one unit (batch) of product at a cost of $8 per pound. Actual results are in for last year, which indicates 45,000 batches of cheese were sold. The company purchased 160,000 pounds of materials at $7.50 per pound and used 145,000 pounds in production. rEQUIRED Calculate the materials price variance

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