E Company has developed the following standards for one of its products: Direct materials: 20 pounds at $4 per pound Direct labor: 5 hours at $18 per hour The following activities occurred during the month of October: Materials used: 220,000 pounds at $3.80 per pound Units produced: 10,000 units Direct labor: 51,000 hours at $17.70 per hour E Company's materials price variance would be: None of the answers are correct $44,000 unfavorable $0 $44,000 favorable