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UMPI's Potato Company produces ready-to-eat mashed potatoes for resale at food stores. UMPI expected to use 5 pounds of direct materials to produce one unit (batch) of product (mashed) at a cost of $5 per pound. Actual results are in for last year, which indicates 55,000 batches of mashed potatoes were sold. The company purchased 300,000 pounds of materials at $4.60 per pound and used 280,000 pounds in production. 1) Calculate the materials price variance. Indicate if it is favorable or unfavorable to the company.