The following information relates to product A: Materials Quantity 3, Materials Unit Price P23, Labor hours 2 hours, Labor Rate per hour P20. Budgeted profit is 1,000 units. Actual production is 900 units. Actual inputs were as follows: Material 2,650 kg costing P66,250, Labor 1840 hours costing P34,960. The material price variance is:

P5,300 unfavorable

P5,300 favorable

P4,150 unfavorable

P4,150 favorable