Miler Corporation makes a product with the following standard costs: Standard Onity Direct materials Direct labor Variable overhead 2.0 pounds 0.7 hours 0.7 hours $ 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 2.220 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 tabor cost was $38.235 and the actuat 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 Multiple Choice 5960 5960F $320F