A company produces a single product called a widget and provides the following information for the month of May about one of the materials used to make the product:

• Pounds of material purchased: 9,800
• Pounds of material used: 8,700
• Total cost of material purchased: $20,384
• Standard material cost: $2.11/pound
• Standard material quantity: 6 pounds per widget
• Number of widgets produced: 1600

What is the materials price variance?