The Company developed standard costs for direct material and direct labor. In 2022, the Company estimated the following standard costs for one of their major products, the 30-gallon heavy-duty plastic container. Budgeted quantity Direct materials Direct labor 0.10 pounds 0.30 hours Budgeted price $30 per pound $18 per hour During July, the Company produced and sold 4,000 containers using 600 pounds of direct materials at an average cost per pound of $26 and 1,290 direct manufacturing labor hours at an average wage of $18.40 per hour. The direct manufacturing labor price variance during July is: O $516 favorable O $1.620 favorable O $470 unfavorable O $516 unfavorable O $470 favorable O $1,620 unfavorable