The PorterCompany has a standard cost system. In July the company purchased and used 23,800 pounds of direct material at a cost of $76,000; the materials quantity was $4,375 Unfavorable; and the standard quantity of materials allowed for July production was 22,550 pounds. The material price variance for July was: a) $7,300 Unfavorable b) $7,300 Favorable c) $2,925 Favorable d) $2,925 Unfavorable