Fausto Company employs a standard cost system in which direct materials inventory is carried at standard cost. The company has established the following standard for the materials costs of one unit of product Standard Standard Quantity PriceStandard Cost 6.0 pounds $8.00/pound $48.00 During June, the company purchased 175,000 pounds of direct material at a total cost of $1,417,500. The company manufactured 35,000 units of product during June using 211,400 pounds of direct materials. The price variance for the direct materials acquired by the company during June is: (Do not round intermediate calculations.)