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How much is the direct material price variance

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Standard Gears produces lawn mower gears. It uses units as the cost driver for overhead. The following information was provided concerning its standard cost system:

Actual Data   Budgeted and Standard Data
Produced 12,400 units
Materials purchased 4,650 lbs. for a total cost of $32,550
Materials used 4,700 lbs.
Labor worked 7,460 hrs. costing $79,822
Actual overhead Fixed: $84,800 Variable $36,100
 
Budgeted units 12,500 units
Budgeted materials 0.40 lb. @ $7.10 per lb.
Budgeted labor 36 minutes @ $11.00 per hour
Budgeted variable overhead $35,625
Budgeted fixed overhead $85,500

How much is the direct material price variance?

Reference no: EM131800668

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