Fausto Fabricators Inc. uses a standard cost system.The standards established for the product include the following:

Materials = 8 pounds @ $0.50 per pound

Labor = 6 hours @ $10.00 per hour

The following operating data from the records for the month:

Beginning In process = 0; Ending in process = 800 units, 80% complete to labor; material is issued at the beginning of processing

Completed during the month = 5,600 units

Materials issued to production were 51,680 pounds @ $0.55 per pound.

Direct labor was $384,000 for 40,000 hours worked.

Compute the materials price variance.