The standard materials cost to produce 1 unit of Product R is 7 pounds of material at a standard price of $58 per pound. In manufacturing 8,500 units, 56,500 pounds of material were used at a cost of $59 per pound. What is the direct materials price variance? Multiple Choice $174,000 unfavorable. $174,000 favorable $56,500 favorable. $117,500 favorable. $56,500 unfavorable