The following cost information is for Leslie Company. Actual results Total cost of purchasing material Number of labor hours worked Number of material pounds used in production Total labor cost Number of units produced Number of material pounds purchased Leslie Company has established the following standards. Price per pound of materials Number of pounds of material to produce one unit Standard labor rate Number of labor hours to produce one unit Compute Leslie's Materials Price Variance. $58,000 1,000 hours 5,850 pounds $48,000 300 units 6,250 pounds $10.00 per pound 20 pounds $50.00 per hour 3 hours