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The following materials standards have been established for a particular product: Standard quantity per unit of output 4 . 0 meters Standard price $17 . 50 per meter The following data pertain to operations concerning the product for the last month: Actual materials purchased 6, 500 meters Actual cost of materials purchased $116, 350 Actual materials used in production 6 , 000 meters Actual output 1, 430 units What is the materials price variance for the month? Multiple Choice O $2,600 U O $5,012 U O $7,000 U O $7,670 U