A company uses the following standard costs to produce a single unit of output. During the latest month, the company purchased and used 46,000 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 $36,375 based on 3,750 direct labor hours worked. Variable manufacturing overhead costs incurred totaled $8,000 and fixed manufacturing overhead incurred was $10,000. Based on this information, the direct materials price variance for the month was: Multiple Choice $4,000 unfavorable $8,600 favorable $1,000 favorable $4,600 unfavorable $8,600 unfavorable