What is the direct materials price variance?

QUESTION 3 10 points Sa Norva, Inc. has budgeted the following costs for the manufacture of XP1, a component used in several of its products in 2021. Planned production Budgeted Direct Materials (total) $0.40 per ounce Budgeted Direct Labor (total) 4,500 units of XP1 13,500 ounces at 1,500 hours at $35.00 per hour 4,800 units of XP1 14,500 ounces at Actual production Actual Direct Materials used (total) $0.48 per ounce Actual Direct Labor used (total) per hour 1, 550 hours at $37.00 What is the direct materials price variance? (Note this could be a positive number indicating an unfavorable variance or a negative number indicating a favorable variance.)