Exeter has a material standard of 1 pound per unit of output. Each pound has a standard price of $25 per pound. During July, Exeter paid $134,000 for 5,010 pounds, which it used to produce 4,730 units. What is the direct materials price variance? (Do not round your intermediate calculations.)

$7,850 favorable

$23,600 unfavorable

$15,750 unfavorable

$8,750 unfavorable