Purvis Manufacturing, which produces a single product, has prepared the following standard cost sheet for one unit of the product Direct materials (6 pounds at $2 per pound) $12 Direct labor (2 hours at $12 per hour) $24 During the month of April, the company manufactures 300 units and incurs the following actual costs. Direct materials purchased and used (1,850 pounds) $4,070 Direct labor (620 hours) $7,130 Compute the total price variance for materials. Indicate if the variance is (F) or (U) Materials price variance