A company uses a standard costing system and is analyzing its costs for the most recent period. With respect to materials, the company uses the following standards: Standard Quantity of material allowed per unit 7 lbs. $16 per lb. Standard Price of material Before the period began, the company reported: Budgeted units to be produced Beginning Raw Materials Inventory At the end of the period, results were as follows: Actual materials purchased Actual cost of materials purchased Ending Raw Materials Inventory Actual units produced 850 units 0 lbs. Based on this information, the materials quantity variance would be: [ANS] $ (Click to select) 6,200 lbs. $125,420 300 lbs. 700 units