Streetsboro Ceramics produces large planters to be used in urban landscaping projects. A special earth clay is used to make the planters. The standard quantity of clay used for each planter is $24$ pounds. The company uses a standard cost of $ $1\mathrm{.}96$ per pound of clay. Streetsboro produced $3$ comma $500$ planters in May. In that$$ month, $87$ comma $500$ pounds of clay were purchased and used at the total cost of $ $168$ comma $000.$

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Part $1$

Requirement $1.$ Calculate the direct material price variance.

Begin by determining the formula for the price$$ variance, then compute the price variance for the direct materials. $($Enter the variance as a positive number. Enter currency amounts in the formula to the nearest cent and then round the final variance amount to the nearest whole dollar. Label the variance as favorable$($F$)$ or unfavorable$($U$)$ in the input field after the amount you enter. Abbreviation$$ used: DM$=$ Direct$$ materials.$)$

$2$ PARTS