Madison Company has developed the following standards for one of its products: Direct materials: Direct labor: 10 pounds x $13 per pound 4 hours x $20 per hour Variable overhead: 5 hours x $10 per hour The following activity occurred during the month of October: Materials purchased: Materials used: Units produced: 10,000 pounds costing $180,000 6,000 pounds 500 units The company records materials price variances at the time of purchase. The direct materials price variance is: $50,000 U $30,000 F $50,000 F $30,000 U