The following materials standards have been established for a particular product: Standard quantity per unit of output 5.2 meters Standard price $18.00 per meter The following data pertain to operations concerning the product for the last month: Actual materials purchased 8,100 meters Actual cost of materials purchased $151,065 Actual materials used in production 7,700 meters Actual output 1,450 units What is the materials price variance for the month?

Multiple Choice $2,984 U $5,265 U $8,500 U $11,915 U