The Armstrong Corporation developed a flexible budget for its production process. Armstrong budgeted to use 10,000 pounds of direct material with a standard cost of $13 per pound to produce 10,000 units of finished product. Armstrong actually purchased 19,000 pounds and used 12,000 pounds of direct material with a cost of $29 per pound to produce 10,000 units of finished product. Given these results, what is Armstrong's direct material price variance?

$304,000 favorable

$160,000 favorable

$304,000 unfavorable

$160,000 unfavorable