Exeter Company has a materials standard of 1 pound per unit of output. Each pound has a standard price of $26 per pound. During July, Exeter paid $66,796 for 2,530 pounds, which it used to produce 2,410 units of product. What is the direct materials price variance? Multiple Choice $1,016 unfavorable $2,120 unfavorable $1,640 unfavorable $2,216 favorable