A manufacturing company produces a product using a standard cost system. For the month of March, the accounting and production records indicate that actual and standard prices and quantities were: Standard material for each unit: Standard labor for each unit: 2 square feet @ $15 per square foot 4 hours @ $10 per hour Actual production: Actual materials purchased and used in production: Actual labor used in production: 2,500 units 4,500 square feet @ $17 per square foot 12,000 hours @ $9.50 per hour One of the variances calculated from this data was a favorable variance of $6,000. This variance is called the materials price variance. O materials quantity variance. labor efficiency variance. labor rate variance