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Phelps Gold manufactures award medals. In August, Phelps produced 5,680 medals, 115 more than expected. During the month, the company purchased 1,330 ounces of gold

Phelps Gold manufactures award medals. In August, Phelps produced 5,680 medals, 115 more than expected. During the month, the company purchased 1,330 ounces of gold for $1,162,000. The standard price for the gold is $878 per ounce. The company actually used 1,136 ounces of gold for production. Calculate Phelpss direct materials price variance for the month.

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