Milar Corporation makes a product with the following standard costs: 23 Direct materials Direct labor Variable overhead Standard Quantity or Hours 2.0 pounds 1.0 hours 1.0 hours Standard Price or Rate 7.00 per pound $14.00 per hour $ 6.00 per hour In January the company produced 4,700 units using 10280 pounds of the direct material and 2.260 direct labor-hou During the month, the company purchased 10,850 pounds of the-direct material at a cost of $76.730. The actual dire labor cost was $38,238 and the actuel variable overhead cost was $11,939. 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 $780 U $640 U Multiple Choice $780 U $640 U $640 F $780 F