Milar Corporation makes a product with the following standard costs: Standard Quantity or Standard Price or Hours Rate 7.00 per pound $10.00 per hour $4.00 per hour Direct materials 2.9 pounds 1.4 hours Direct labor Variable overhead 1.4 hours In January the company produced 4,800 units using 10.320 pounds of the direct material and 2,300 direct labor-hours. During the month, the company purchased 10,890 pounds of the direct material at a cost of $76,770. The actual direct labor cost was $38,242 and the actual variable overhead cost was $11,943. 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 January is Multiple Choice $400 U 400 F $540 U $540F S540 F