The following materials standards have been established for a particular product: Standard quantity per unit of output Standard price 4.0 meters $17.50 per meter The following data pertain to operations concerning the product for the last month: Actual materials purchased Actual cost of materials purchased Actual materials used in production Actual output 6,500 meters $116,350 6,000 meters 1,430 units What is the materials price variance for the month? Multiple Choice $5,012 U O $2,600 What is the materials price variance for the month? Multiple Choice O $5,012 U O O $2,600 U $7,000 U O $7,670 U