The following materials standards have been established for a particular product:

Standard quantity per unit of output5.0metersStandard price$17.70per meter

The following data pertain to operations concerning the product for the last month:

Actual materials purchased7,900metersActual cost of materials purchased$143,780 Actual materials used in production7,400metersActual output1,450units

What is the materials price variance for the month?

Multiple Choice

$8,400 U

$3,950 U

$2,730 U

$10,400 U