A company uses the following standard costs to produce a single unit of output Direct materials Direct labor Manufacturing overhead 7 pounds at $1.10 per pound 0.6 hour at $8.00 per hour 0.6 hour at $5.00 per hour $ 7.70 $ 4.80 $3.00 Help Save & B During the latest month, the company purchased and used 68,000 pounds of direct materials at a price of $1.30 per pound to produce 10.000 units of output. Direct labor costs for the month totaled $42,750 based on 5700 direct labor hours worked. Variable manufacturing overhead costs incurred totaled $27,000 and fixed manufacturing overhead incurred was $13,000. Based on this information, the direct materials price variance for the month was Multiple Choice $2,000 favorable $13.600 unfavorable $9.600 unfavorable $22,600 favorable $22.600 unfavorable E