Gonzalez Company makes a product that is expected to use 1.2 pounds of material per unit of product. The material has a standard cost of $2 per pound. Gonzalez actually used 1.1 pounds of material per unit of product made in January. The actual cost of material was $2.10 per pound. Based on this information alone, the condition of the variances for the January production would be
1. favorable for price and unfavorable for usage.
2. unfavorable for price and favorable for usage.
3. unfavorable for price and unfavorable for usage.
4. favorable for price and favorable for usage.