Transcribed image text: QUESTION 10 5.7 Genent Industries, Inc. (Gli), developed standard costs for materials and for labor. In 2019, Gil estimated the following standard costs for one of their major products, the 30-gallon heavy-duty plastic container Budgeted quantity Budgeted price Direct materials 0.30 pounds $20 per pound Direct labor 0.20 hours $12 per hour During July, Gil purchased 1,000 pounds of materials at a cost of $19,000 and used 625 tabor hours at an average wage of $11.75 per hour. Calculate the price Variance for materials $1,000 favorable $1,100 unfavorable $1,000 unfavorable $2,000 unfavorable None of the above