The following materials standards have been established for a particular product Standard quantity per unit of output Standard price 4.5 meters 17.40 per meter The following data pertain to operations concerning the product for the last month: Actual materials purchased Actual cost of materials purchased Actual materials used in production Actual output 7,000 meters $124,250 6,500 meters 1,420 units What is the materials price variance for the month? Multiple Choice $1,953 U $2,450 U $7,500 U