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 Standard Price of material Budgeted units to be produced Beginning Raw Materials Inventory Ending Raw Materials Inventory 7lbs. $17 per lb. 550 units Olbs. 500 lbs. 6,200 lbs. Actual materials purchased Actual cost of materials purchased Actual units produced $136,530 700 units Q. Based on this information, the materials quantity variance would be: ANS. $ (Click to select)