Epley Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate 2.0 pounds 07 hours $700 per pound $15.00 per hour $5.00 per hour Direct labor Variable overhead ours In July the company produced 4,500 units using 10,130 pounds of the direct material and 2,110 direct labor- hours. During the month, the company purchased 10,700 pounds of the direct material at a cost of $76,580. The actual direct labor cost was $38,255 and the actual variable overhead cost was $11,956. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The materials quantity variance for July is: O $1.540 U $1.680 F O $7.910 U O $1,540 F