A company uses a standard costing system with the standards per unit below: Standard Quantity/Hours Direct materials 6.5 ounces Direct labor 0.2 hours Variable overhead 0.2 hours Price $2.00 per ounce $23.00 per hour $ 6.00 per hour Standard Cost per Unit $13.00 $ 4.60 $ 1.20 The company reported the following results concerning this product in June. Master Budget Output Actual Output Raw materials used in production Purchases of raw materials Actual direct labor-hours Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost 2.700 units 2,860 units 19,380 ounces 21,400 ounces 500 hours $ 42,260 $ 12,050 $ 3,300 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The materials purchases price variance for June is: O$ 3500 0$ 540 0 O $ 540 F O $ 350 F The materials quantity variance for June is: O$ 5,620 F $1,580 U O $1,580 F O$ 5,620 0