Matinna Co. maintains no inventories and has the following data pertaining to one of its direct materials in July: Standard quantity of direct materials for the units manufactured (SQ) Direct materials purchases-actual cost Standard price per unit of direct materials (SP) Direct material efficiency variance-favorable 30,000 $63,000 $ 2.00 $ 4,500 All materials purchased during the month were issued to production. What was the direct materials price variance for July, rounded to the nearest dollar? Multiple Choice $1,500 favorable. $3,000 favorable. $3,000 unfavorable. $7,500 unfavorable. $7,500 favorable