Corporation makes a product with the following standard costs:

	Standard Quantity or Hours			Standard Price or Rate
Direct materials		2.0	pounds	$	7.00	per pound
Direct labor		0.9	hours	$	15.00	per hour
Variable overhead		0.9	hours	$	5.00	per hour

In January the company produced 4,600 units using 10,270 pounds of the direct material and 2,250 direct labor-hours. During the month, the company purchased 10,840 pounds of the direct material at a cost of $76,720. The actual direct labor cost was $38,237 and the actual variable overhead cost was $11,938.

The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased.

The materials price variance for January is: