Chapter 7- BB exercise No. 2-Practice Question no 2 MSU makes blue jean jackets. The standard costs per jacket are as follows: Budgeted Qty Budgeted Price Direct Material .20 .10 $ 60.00 per yard $30.00 per hour Direct Labor MSU produced and sold 10,000 jackets using 1,000 yards of direct materials at a cost of $ 64.00 per yard and 500 hours of direct labor at a wage of $ 30.50 per hour. What is the direct manufacturing material price variance? The format of your answer must be as follows: The direct manufacturing material price variance is $10.00 Favorable- (this is not the correct answer)