Genent Industries, Inc. (GII), developed standard costs for direct material and direct labor. In 2020, GII estimated the following standard costs for one of their major products, the 30-gallon heavy-duty plastic container. Budgeted quantity Budgeted price Direct materials Direct labor 0.40 pounds 0.80 hours $20 per pound $15 per hour During July, GII produced and sold 4,000 containers using 1,700 pounds of direct materials at an average cost per pound of $15 and 3,225 direct manufacturing labor hours at an average wage of $15.25 per hour. The direct material price variance during July is: A) $8,500 favorable B) $8,500 unfavorable C) $2,000 unfavorable D) $20,000 unfavorable