4. Wildhorse Industries uses a standard cost system in which direct material is carried at standard cost. Wildhorse has established the following standards for one unit of product: standard quantity of 8 pounds, standard price $1.80 per pound. During January, Wildhorse purchased 171,000 pounds of direct material at a cost of $326,000 and used 153,500 pounds in production of 20,900 units. Calculate the direct materials price variance and indicate whether the variance is favorable or unfavorable