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

Standard quantity per unit of output		4.4	pounds
Standard price	$	13.20	per pound

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

Actual materials purchased		4,800	pounds
Actual cost of materials purchased	$	62,880
Actual materials used in production		4,800	pounds
Actual output		700	units

The direct materials purchases variance is computed when the materials are purchased.

What is the materials price variance for the month?

Multiple Choice

$480 U

$480 F

$308 U

$308 F