Aqua Company produces aquariums. During the year 150,000 aquariums were produced. Materials and labor standards for producing the aquariums are as follows:


Direct materials (2 sheets of glass @ $2 each)
$4

Direct labor (3 hours @ $8)
24



Aqua purchased and used 310,000 sheets of glass at $1.50 each and its actual labor hours were 435,000 hours at a wage rate of $8.50.


Refer to Figure 9-5. What is the materials price variance?

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