Milar Corporation makes a product with the following standard costs: Direct materials Direct labor Variable overhead Standard Quantity or Hours 2.0 pounds 0.8 hours 0.8 hours Standard Price or Rate $ 7.00 per pound $16.00 per hour $ 4.00 per hour In January the company produced 4,500 units using 10,260 pounds of the direct material and 2.240 direct labor-hours. During the month, the company purchased 10,830 pounds of the direct material at a cost of $76,710. The actual direct labor cost was $38,236 and the actual variable overhead cost was $11.937 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 M oe Choice O $760U The materials price variance for January is: Multiple Choice $76 54:32 $760E S9000 $900 E