Pharoah Co. produces wooden boxes. The companys standards per box require 7 boards, each costing $10 per board, and half of an hour of direct labour. The standard labour rate is $16 per hour. In August, Pharoah Co. purchased 12100 boards for a total cost of $123100. It used 11550 boards to manufacture 1990 boxes. Total labour hours were 950 hours, and total labour costs were $16400. What was the labour price variance?

Select answer from the options below

$4300 U

$1200 F

$4300 F

$1200 U