Question: You are required to complete a performance report for the month of May 2020, for the Lion Daily, a regional magazine, given the following data:

You are required to complete a performance report for the month of May 2020, for the Lion Daily, a regional magazine, given the following data:

Actual number of magazines produced and sold

550

Budgeted number of magazines produced and sold

500

Actual direct material costs

$38,500

Budgeted direct material costs

$40,000

What is the total variance for direct material costs?

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