Exeter has a materials standard of 1 pound per unit of output. Each pound has a standard price of $24 per pound. During July, Exeter paid $135,000 for 5,020 pounds, which it used to produce 4,740 units. What is the direct materials price variance?

• $21,240 unfavorable

• $13,620 favorable

• $34,860 unfavorable

• $14,520 unfavorable