Milar Corporation makes a product with the following standard costs Standard Quantity: Standard Price or Rate Direct materials Direct labor Variable overhead or Hours 2.0 pounds 1.5 hours 1.5 hours $7.00 per pound $11.00 per hour $5.00 per hour In January the company produced 4,900 units using 10,330 pounds of the direct materjal and 2.310 direct labor-hours. During the month, the company purchased 10,900 pounds of the direct material at a cost of $76.780. The actual direct labor cost was $38,243 and the actual variable overhead cost was $11.944 The company applies variable overhead on the basis of direct labor hours. The direct materials purchases vanance is computed when the materials are purchased The materials price variance for January is Multiple Choice O $340 U 1480 F $40 U $340F