Puvo, Inc., manufactures a single product in which variable manufacturing overhead is assigned on the basis of standard direct labor-hours. The company uses a standard cost system and has established the following standards for one unit of product: Direct materials Direct labor Variable manufacturing overhead Standard Quantity 5.8 pounds 0.5 hours 0.5 hours Standard Price or Rate 0.60 per pound $33.50 per hour $ 8.50 per hour Standard Cost $ 3.48 $16.75 $ 4.25 18 During March, the following activity was recorded by the company: The company produced 2,400 units during the month. A total of 19,400 pounds of material were purchased at a cost of $13,580. There was no beginning inventory of materials on hand to start the month; at the end of the month, 3,620 pounds of material remained in the warehouse. During March, 1,090 direct labor-hours were worked at a rate of $30.50 per hour. Variable manufacturing overhead costs during March totaled $14,061. The direct materials purchases variance is computed when the materials are purchased. The materials price variance for March is: Multiple Choice $1,940 U $1.940 F $1,750 U $1,750 F