Question 9 4 points Save Ansy Malone, Inc. manufactures one product called Tybos. The company uses a standard cost system and has established the following material and labor standards to produce one unit of Tybo: Direct materials Direct labor Standard Quantity 2.5 pounds 0.6 hours Standard Price $3 per pound $10 per hour Malone estimates it will produce 6,400 units of Tybos for the month of March. During March, the following activity was recorded by the company relating to actual production of Tybos: The company produced 6,000 units during the month. A total of 16,000 pounds of materials were purchased and used at a cost of $2.75 per lb. Which of the following statements is true? The materials price variance is $1,600 favorable. The materials price variance is $1,600 favorable. The materials price variance is $4,000 unfavorable. The materials price variance is $4,000 favorable