Question: Kolton uses a single raw material in its production process. The material has a standard price of $10 per pound. During November the company purchased

Kolton uses a single raw material in its production process. The material has a standard price of $10 per pound. During November the company purchased and used 15,000 pounds of material. The actual price paid for this material was $9.90 per pound. The standard quantity required per finished product is 8 pounds. Kolton produced 1,900 finished units of the final product in November. How much was the material price variance for November?

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