Assume the following:

• The standard price per pound is $2.35.
• The standard quantity of pounds allowed per unit of finished goods is 4 pounds.
• The actual quantity of materials purchased and used in production is 50,500 pounds.
• The actual purchase price per pound of materials was $2.25.
• The company actually produced 13,000 units of finished goods during the period; however, its planning budget was based on 12,800 units.

What is the materials quantity variance?