Problem 1: UC Company manufactures hooded jackets. During the year, it manufactured 250,000 jackets, using 2 hours of direct labor at a rate of Php8.50 per hour. The materials and labor standards for manufacturing the t-shirts are: Direct materials (6 yards of fabric @ Php3 per yard) Direct labor (2.4 hours @ Php8.00 per hour) Php18 17 It took UC 1,400,000 yards at Php2.50 per yard to make the 250,000 jackets. Refer to Problem 1. What is James' materials price variance assuming that materials purchased equals materials used?