Majer Corporation makes a product with the following standard costs: Direct materials Direct labor Variable overhead Standard Quantity or Hours 3.0 ounces 0.7 hours 0.7 hours Standard Price or Rate $ 12.50 per ounce $ 18.50 per hour $ 11.00 per hour Standard Cost Per Unit $37.50 $12.95 $ 7.70 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 11,600 units 11,400 units 33,649 ounces 8,180 hours 35, 240 ounces $ 12.25 per ounce $16.95 per hour $ 9.20 per hour Purchases of raw materials Actual price of raw materials Actual direct labor rate Actual variable overhead rate 35, 240 ounces $ 12.25 per ounce $16.95 per hour $ 9.20 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 $15 410 U