The Alpha Company produces toys for national distribution. Standards for a particular toy are:

• Materials: 12 grams per unit at 56 per gram.
• Labour: 2 hours per unit at $2.75 per hour.

During the month of December, the company produced 1,000 units. Information for the month follows:

• Materials: 14,000 grams were purchased and used at a total cost of $7,140.
• Labour: 2,500 hours worked at a total cost of $8,000.

What was the materials price variance?

		$420 favourable.
		$420 unfavourable.
		$700 favourable.
		$700 unfavourable.