Milar Corporation makes a product with the following standard costs Direct materials Direct labor Variable overhead Standard Quantity or Hours 2.0 pounds 0.7 hours 0.7 hours Standard Price or Rate $ 7.00 per pound $17.00 per hour $ 3.00 per hour In January the company produced 4,900 units using 10,250 pounds of the direct material and 2,230 direct labor hours. During the month, the company purchased 10,820 pounds of the direct material at a cost of $76,700. The actual direct labor cost was $38,235 and the actual variable overhead cost was $11,936 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 Cholce $820 U $960 F $960 U $820 F