Gipple Corporation makes a product that uses a material with the quantity standard of 8.8 grams per unit of output and the price standard of $7.50 per gram. In January the company produced 4,900 units using 26,370 grams of the direct material. During the month the company purchased 28,900 grams of the direct material at $7.70 per gram. The direct materials purchases variance is computed when the materials are purchased.

The materials price variance for January is: