Majer Corporation makes a product with the following standard costs: Direct materials Direct labor Variable overhead Standard Quantity or Hours 2.0 ounces 0.8 hours 0.8 hours Standard Price or Rate $ 13.00 per ounce $ 19.00 per hour $ 11.50 per hour Standard Cost Per Unit $26.00 $15.20 $ 9.20 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 12,000 units 11,800 units 18,000 ounces 9,640 hours 19,600 ounces $ 12.75 per ounce $ 19.20 per hour $ 10.70 per hour The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases va computed when the materials are purchased. The materials price variance for February is: 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 $7730 $77,300 E $4,9000 $4,900 E