A company uses the following standard costs to produce a single unit of output. Direct materials Direct labor Manufacturing overhead 7 pounds at $1.20 per pound 0.3 hour at $9.00 per hour 0.3 hour at $3.50 per hour $ 8.40 $ 2.70 $ 1.05 During the latest month, the company purchased and used 68,000 pounds of direct materials at a price of $1.40 per pound to produce 10,000 units of output. Direct labor costs for the month totaled $24,424 based on 2840 direct labor hours worked. Variable manufacturing overhead costs incurred totaled $7500 and fixed manufacturing overhead incurred was $16,000. Based on this information, the total direct materials cost variance for the month was: $11,200 favorable $11,200 unfavorable $13,600 favorable $2400 favorable $13,600 unfavorable