A company uses the following standard costs to produce a single unit of output. 9 Direct materials Direct labor Manufacturing overhead 5 pounds at $0.80 per pound 0.3 hour at $8.00 per hour 0.3 hour at $4.40 per hour $4.00 $2.40 $1.32 8 01:47:49 During the latest month, the company purchased and used 47,000 pounds of direct materials at a price of $1.10 per pound to produce 10,000 units of output. Direct labor costs for the month totaled $21,098 based on 2,740 direct labor hours worked. Variable manufacturing overhead costs incurred totaled $9,200 and fixed manufacturing overhead incurred was $14,000. Based on this information, the direct materials price variance for the month was: Multiple Choice $7,200 unfavorable O $7,100 favorable O $3,000 favorable $14,100 unfavorable O $7,100 unfavorable