Suver Corporation has a standard costing system. The following data are available for June: 1 Actual quantity of direct materials purchased Standard price of direct materials Material price variance Material quantity variance 35,000 pounds $ 8.00 per pound $ 7,000 Unfavorable $ 7,500 Favorable The actual price per pound of direct materials purchased in June was: Multiple Choice $7.76 per pound O $8.00 per pound $8.20 per pound O O $8.24 per pound The following materials standards have been established for a particular product: 2 Standard quantity per unit of output Standard price 5.0 meters $ 17.80 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 8,000 meters $ 146,800 7,500 meters 1,460 units What is the materials price variance for the month