Oxford Company has a materials standard of 21 pounds per unit of output. Each pound has a standard price of $10 per pound. During February, Oxford Company paid $53,240 for 4,840 pounds at $11 per pound, which were used to produce 2,400 units of product. What is the direct materials price variance? Multiple Choice $2.400 favorable $2.400 unfovorable $4,840 unfovoreble