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Yama Industries has collected the following data for one of its products: Direct materials standard (6 pounds per unit @ $0.55/lb.): $3.30 per finished good

Yama Industries has collected the following data for one of its products:

Direct materials standard (6 pounds per unit @ $0.55/lb.): $3.30 per finished good

Actual direct materials purchased: $38,000 pounds

Actual Direct Materials Used:35,000 pounds

Actual Price paid per pound: $0.60

How much is the direct materials price variance?

Explain clearly for practice

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