72. (Direct price variance) The following data is given for the Stringer Company:

Budgeted production	953 units
Actual production	1,007 units
Materials:
Standard price per ounce	$1.82
Standard ounces per completed unit	11
Actual ounces purchased and used in production	11,409
Actual price paid for materials	$23,388
Labor:
Standard hourly labor rate	$14.83 per hour
Standard hours allowed per completed unit	4.7
Actual labor hours worked	5,186.05
Actual total labor costs	$79,087
Overhead:
Actual and budgeted fixed overhead	$1,027,000
Standard variable overhead rate	$27.00 per standard labor hour
Actual variable overhead costs	$145,209
Overhead is applied on standard labor hours.

Round your intermediate calculations and final answer to the nearest cent.

The direct materials price variance is

$2,624.07 favorable

$6,560.17 favorable

$2,624.07 unfavorable

$6,560.17 unfavorable