Open manufacturing company has just adopted the standard custom system. You have asked to analyze the materials purchase in the usage for the month of August to determine the material price variance to the report at the end of the month. During August, 5000 gallons of the chemical were purchased at $3.10 per gallon. Only 4600 gallons were put into production. The standard price per gallon is $3.20. Compute the following variance is: one. The material price variance of the chemicals carried in inventory at standard price. To. The materials price variance is the chemical is curd in inventory, actual price and was charged to work in process inventory of the standard price