Exeter Company has a materials standard of 1 pound per unit of output. Each pound has a standard price of $26 per pound. During July, Exeter paid $66,196 for 2,470 pounds, which it used to produce 2,350 units of product, What is the direct materials price variance?
Multiple Choice
$1,976 unfavorable
$1,976 favorable
$1,880 unfavorable
$1,880 favorable