A company uses the following standard costs to produce a single unit of output. Direct materials Direct labor Manufacturing overhead 5 pounds at $0.70 per pound 0.4 hour at $10.00 per hour 0.4 hour at $3.60 per hour $3.50 $4.00 $1.44 During the latest month, the company purchased and used 48,000 pounds of direct materials at a price of $1.00 per pound to produce 10,000 units of output. Direct labor costs for the month totaled $35,808 based on 3,730 direct labor hours worked. Variable manufacturing overhead costs incurred totaled $10,400 and fixed manufacturing overhead incurred was $11,000. Based on this information, the direct materials price variance for the month was: Multiple Choice $12,000 unfavorable $1,400 favorable $3,000 favorable $14,400 unfavorable $1,400 unfavorable