Question: The following materials standards have been established for a particular product:
Standard quantity per unit of output 6.0 pounds
Standard price $ 14.80 per pound
The following data pertain to operations concerning the product for the last month:
Actual materials purchased 7,200 pounds
Actual cost of materials purchased $64,480
Actual materials used in production 6,700 pounds
Actual output 860 units
The direct materials purchases variance is computed when the materials are purchased.
Required: What is the materials quantity variance for the month?
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