Waterway Gold manufactures award medals. In August, Waterway produced 4,500 medals, 300 more than expected. During the month, the company purchased 1,300 ounces of gold for $788,000. The standard price for the gold is $600 per ounce. The company actually used 1,200 ounces of gold for production. Calculate Waterway's direct materials price variance for the month. (If variance is zero, select "Not Applicable" and enter O for the amounts.) $ 7.999.9998 Direct material price variance Favorable