Mickey's Amusements manufactures ride vehicles for roller coasters. One of their products is a seat with a harness for coasters that have inversions. Mickey's uses a standard cost system for all products. According to the standards set for the seat with a harness, the factory should work 1,100 hours each month to produce 2,200 seats. At the standard, each seat requires 3.0 sq. ft of material. The standard costs associated with this production are: Total Direct materials Direct labor Variable manufacturing OH (based on direct labor hours) Direct materials (7,400 sq. ft.) Direct labor Variable manufacturing OH $3,520 $3.20 per hour During January, the factory worked 1,000 direct labor hours and produced 2,200 seats. The following actual costs incurred during January are: Total $40,700 (based on direct labor $44,220 hours) $ 6.70 per sq. ft. $6,600 $6.00 per hour 1) What is the materials price variance? $8,140 $3,960 All materials purchased in January were used in production Calculate the following (be sure to label variances as F/U):