Epley Corporation makes a product with the following standard costs:

Standard Quantityor Hours Standard Price orRate Direct materials 2.0 pounds $7.00 per pound Direct labor 0.4 hours $12.00 per hour Variable overhead 0.4 hours $2.00 per hour

In July the company produced 4,600 units using 10,100 pounds of the direct material and 2,080 direct labor-hours. During the month, the company purchased 10,670 pounds of the direct material at a cost of $76,550. The actual direct labor cost was $38,258 and the actual variable overhead cost was $11,959.

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 quantity variance for July is: