12 72 The following cost information is available for a company: Actual results Total cost of purchasing material Number of labor hours worked Number of material pounds used in production Total labor cost Number of units produced Number of material pounds purchased The company established the following standards: $65,000 1,100 hours 6,000 pounds $48,000 320 units 6,300 pounds Price per pound of materials $11.00 per pound Number of pounds of material to produce one unit 19 pounds Standard labor rate $55.00 per hour Number of labor hours to produce one unit 4 hours What is the material quantity variance? $2,420 favorable $880 favorable $880 unfavorable $2,420 unfavorable