XYZ Co. has a material standard of 2 pounds per unit of output. Each pound has a standard price of $12 per pound. During February, XYZ Co. paid $57,220 for 4,840 pounds, which were used to produce 2,400 units. What is the direct materials price variance?
$1,420 favorable
$1,420 unfavorable
$860 unfavorable
$860 favorable