Majer Corporation makes a product with the following standard costs: Standard Cost Per Standard Quantity or Hours Standard Price or Rate $ 8.00 per ounce $ 14.00 per hour $ 6.50 per hour Unit Direct materials Direct labor Variable overhead 2.0 ounces 0.1 hours 0.7 hours $16.00 $ 9.80 $ 4.55 The company reported the following results concerning this product in February. Originally budgeted output Actual output Raw materials used in production Actual direct labor-hours Purchases of raw materials Actual price of raw materials Actual direct labor rate Actual variable overhead rate 8,000 units 7,800 units 12,000 ounces 5,660 hours 13,600 ounces $ 7.75 per ounce 13.80 per hour $ 6.05 per hour 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 price variance for February is: Multiple Choice $31,800 U $31,800 F $3,400 F $3,400 U