The following materials standards have been established for a particular product: 
The following data pertain to operations concerning the product for the last month: 
What is the materials price variance for the month?
Definitions:
CPFR
Collaborative Planning, Forecasting, and Replenishment, a business practice where supply chain partners share information and resources to better predict demand and optimize supply.
Technology
The application of scientific knowledge for practical purposes, especially in industry.
Replenishment Lead Time
The time interval between placing an order and receiving the stock, crucial for inventory management.
Product Availability
The degree to which products are in stock and readily available to meet customer demand.
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