Myles Company budgeted 10,500 pounds of direct materials costing $23.50 per pound to make 5,300 units of product. The company actually purchased 11,000 pounds of direct materials costing $25.00 per pound to make the 5,300 units. What is the direct materials price variance?
a. $16,500 favorable
b. $16,500 unfavorable
c. $15,750 unfavorable
d. $15,750 favorable