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A company operates a standard costing system. The following information has been extracted from the standard cost card for one of its bestselling products:
Budget production 1,250 units
Direct material cost [7kg@£4.2/kg] £29.40/unit
Actual results for the period show that production was 1,200 units. Direct material purchased and used was 7,300kg costing £33,880 in total.
The value of the material usage variance is