A company uses the following standard costs to produce a single unit of output. Direct materials 8 pounds at $1.20 per pound = $ 9.60 Direct labor 0.2 hour at $8.00 per hour = $ 1.60 Manufacturing overhead 0.2 hour at $4.70 per hour = $ 0.94 During the latest month, the company purchased and used 76,000 pounds of direct materials at a price of $1.40 per pound to produce 10,000 units of output. Direct labor costs for the month totaled $14,100 based on 1,880 direct labor hours worked. Variable manufacturing overhead costs incurred totaled $6,400 and fixed manufacturing overhead incurred was $12,000. Based on this information, the direct materials price variance for the month was