Question: Kraft adopts a standard cost system, which specifies that each product uses a standard of 1 pound direct materials and direct materials' standard price is

Kraft adopts a standard cost system, which specifies that each product uses a standard of 1 pound direct materials and direct materials' standard price is $24 per pound. Kraft produced 4,740 units of products in May. In that month, 5020 pounds of direct materials were purchased and used at the total cost of $135,000. Calculate the direct materials price variance.

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