Thomas Company uses a standard cost system and recognizes the materials purchase price variance at the time materials are purchased. Information for raw materials for Product RBI for the month of October follows: Standard unit price $1.80 Actual purchase price per unit $1.65 Actual quantity purchased 4,000 units Actual quantity used 3,900 units Standard quantity allowed for actual production
3,800 units What is the materials purchase price variance?
a. $590 favorable
b. $590 unfavorable
c. $600 favorable
d. $600 unfavorable
c
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