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The following materials standards have been established for a particular product: Standard quantity per unit of output Standard price 4.0 meters $17.50 per meter The following data pertain to operations concerning the product for the last month: Actual materials purchased Actual cost of materials purchased Actual materials used in production Actual output 6,500 meters $116,350 6,000 meters 1,430 units What is the materials price variance for the month? What is the materials price variance for the month? Multiple Choice $7,670 U $5,012 U $7,000 U $2,600 u