Malkovich Company uses a standard costing system. The following information pertains to direct materials for the month of July: 
Malkovich Company reports its material price variances at the time of purchase.
What is the material usage variance for Malkovich Company?
Definitions:
Probability
The measure of the likelihood that an event will occur, expressed as a number between 0 and 1.
Sampling Error
Refers to the difference between the population parameter and the sample statistic due to the fact that the sample is not a perfect representation of the population.
Statistical Error
The difference between a measured or observed value and the true value, often arising from sampling or measurement limitations.
Random Factors
Variables in an experiment that are randomly varied to assess their incidental effects on the outcome, as opposed to systematically manipulated factors.
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