The following materials standards have been established for a particular product Standard quantity per unit of output Standard price 4.4 meters $18.70 per meter The following data pertain to operations concerning the product for the last month: 7,500 meters Actual materials purchased Actual cost of materials purchased $147,750 Actual materials used in production 7,100 meters Actual output 1,550 units What is the materials price variance for the month? Multiple Choice $5,516 U $7,500 U $7,900 U $13,450 U