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Direct materials price variance

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Information on Rex Co.'s direct material costs for May follows:

Actual quantity of direct materials purchased and used: 30,000 pounds
Actual cost of direct materials: $84,000
Unfavorable direct materials quantity variance: $3,000
Standard quantity of direct materials allowed for May production: 29,000 pounds

For the Month of May, what was Rex's direct materials price variance?

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This provides an example of determining direct materials price variance.

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