Gilder Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Direct materials 7.00 grams $14.00 per gram $98.00 Direct labor 0.20 hours $20.00 per hour $ 4.00 Variable overhead 0.20 hours $ 7.00 per hour $ 1.40 The company reported the following results concerning this product in June: Originally budgeted output 4,000 units Actual output 4,080 units Raw materials used in production 25,996 grams Purchases of raw materials 29,496 grams Actual direct labor-hours 710 hours Actual cost of raw materials purchases $398,200 Actual direct labor cost $13,625 Actual variable overhead cost $3,676 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 June is: