TB MC Qu. 10-34 The following materials standards ...

The following materials standards have been established for a particular product:

Standard quantity per unit of output		4.2	meters
Standard price	$	18.40	per meter

The following data pertain to operations concerning the product for the last month:

Actual materials purchased		7,200	meters
Actual cost of materials purchased	$	138,600
Actual materials used in production		6,700	meters
Actual output		1,550	units

What is the materials price variance for the month?