Krishnan and Co. bought 27,000 lbs. of materials for $60,000 this period and used 24,500 lbs. The standard allowed for actual production is 23,500 lbs. The company's standard cost is $2.34 per lb. What is the materials efficiency variance?

Enter your answer without a dollar sign or commas, and round to the nearest dollar (if necessary). A favorable variance should be entered as a positive number (e.g, 100) and an unfavorable variance should be entered as a negative number (e.g. -100).

Please show work.