Miguez Corporation makes a product with the following standard costs: Standard Quantity or Hours 2.3 liters 0.7 hours 8.7 hours Direct materials Direct labor Variable overhead Standard Price or Rate $ 7.00 per liter $ 22.00 per hour $ 2.80 per hour Standard Cost Per Unit $16.10 $15.40 $ 1.40 The company budgeted for production of 2.600 units in September, but actual production was 2,500 units. The company used 5,440 liters of direct material and 1.680 direct labor hours to produce this output. The company purchased 5,800 liters of the direct material et $7.20 per liter. The actual direct labor rate was $24.10 per hour and the actual variable overhead rate was $1.90 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 September is: Multiple Choice $1,160 $1,160 V $1,150 U $1150F