Cloudy Company established the following standards with respect to one of its products: Std Qty. Direct materials (pounds) Direct labor (hours) Variable overhead (applied using machine hours (MH)] 3.0 1.5 1.0 Std price (rate) $6.00 $30.00 $5.00 Std, cost $18.00 $45.00 $5.00 0:43:55 $68.00 Actual results for the past quarter were as follows (there was no beginning direct materials inventory Units produced Direct materials purchased (pounds) Direct materials purchased (dollars) Direct materials used (pounds) Direct labor hours incurred Direct labor cost Variable overhead costs Machine hours (MH) incurred 900 2,800 $17,780 2,650 1,400 $41,440 $4,758 915 Calculate the variable overhead price variance for the quarter. Multiple Choice