Standard Gears produces lawn mower gears. It uses units as the cost driver for overhead. The followi

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Standard Gears produces lawn mower gears. It uses units as the cost driver for overhead. The following information was provided concerning its standard cost system:Actual DataBudgeted and Standard DataProduced12,400 unitsMaterials purchased4,650 lbs. for a total cost of $32,550Materials used4,700 lbs.Labor worked7,460 hrs. costing $79,822Actual overheadFixed: $84,800 Variable $36,100Budgeted units12,500 unitsBudgeted materials0.40 lb. @ $7.10 per lb.Budgeted labor36 minutes @ $11.00 per hourBudgeted variable overhead$35,625Budgeted fixed overhead$85,500How much is the direct material price variance?$465 favorable$1,846 favorable$470 favorable$2,201 favorable

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