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Item 1

Item 1

Time Remaining 2 hours 59 minutes 4 seconds

02:59:04

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

Standard quantity per unit of output		4.0	meters
Standard price	$	17.50	per meter

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

Actual materials purchased		6,500	meters
Actual cost of materials purchased	$	116,350
Actual materials used in production		6,000	meters
Actual output		1,430	units

What is the materials price variance for the month?