The standard cost for a unit is: Direct materials: 5 lbs x $10 = $50 Direct Labor: 2 hours x $15 = $30 Variable Overhead 2 hours x $8 = $16 Actual results: 2,100 units produced. 10,000 lbs. of material were purchased for $98,000, and used in production. 4,280 labor hours used at a cost of $62,060. Actual variable overhead was $35,524. The direct materials price variance will be:

$2,000 unfavorable

$2,000 favorable

$5,000 unfavorable

$5,000 favorable