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LISHMutrosts many chances as you need. 0.5 pts Question 1 The Collins Corporation uses standard costing and has established the following direct material and direct labor standards for each unit of the single prelucts it makes: Direct materials: 3.01 gallons at $7.52 per gallon Direct labor: 1.2 hour at $14 per hour During July, the company made 6,605 units of product and incurred the following costs: Direct materials purchased: 26,584 gallons at $8.01 per gallon Direct materials used: 25,409 gallons Direct labor used: 5,087 hours at $15.83 per hour Calculate the materials price variance. Round your answer to two decimal places. Make sure you use the materials purchased amount in your calculation. Favorable variances should be positive. unfavorable should be entered as a negative. D Question 2 0.5 pts ER TY U