Abbington Company has a manufacturing facility in Brooklyn that manufactures robotic equipment for the auto industry. For Year 1, Abbington collected the following information from its main production line:

Actual quantity purchased

250 units

Actual quantity used

140 units

Units standard quantity

110 units

Actual price paid

$12 per unit

Standard price

$14 per unit

Abbington isolates price variances at the time of purchase. What is the materials price variance for Year 1?

1. $280 favorable

2. $500 unfavorable

3. $280 unfavorable

4. $500 favorable