Jackson Industries uses a standard cost system in which direct materials inventory is carried at standard cost. Jackson has established the following standards for one unit of product:

	Standard Quantity or Hours		Standard Price or Rate		Standard Cost Per Unit
Direct materials	3	pounds	$2.80	per pound	$8.40
Direct labor	1.70	hours	$9.00	per hour	$15.30

During May, Jackson purchased 57,600 pounds of direct material at a total cost of $172,800. The total factory wages for May were $227,000, 90 percent of which were for direct labor. Jackson manufactured 14,000 units of product during May using 39,500 pounds of direct material and 24,300 direct labor-hours. The price variance for the direct material acquired by Jackson Industries during May is: