The Koski Company has established standards as follows: Direct material 3 pounds @ $4/pound Direct labor 2 hours @ $8/hour Variable Overhead 2 hours @ $5/hour Actual production figures for the past year were as follows: Units produced 500 Direct material used 1,600 pounds Direct material purchased (3000 pounds) $12,300 Direct labor cost (950 hours) $7,790 Variable overhead cost incurred $4,655 The material price variance is: $150 U $160 U $300 U $6,300 U