Leather Saddle Company has a standard cost system and has set the following standards for materials and labour:Leather (10 strips @ $25 per strip) — $250Direct labour (15 hours @ $20 per hour) — 300Total prime cost — $550During the year, the company produced 100 saddles. Actual leather purchased was 1,300 strips at $32 per strip. There were no beginning or ending inventories of leather. Actual direct labour was 2,000 hours at $16 per hour.Refer to Leather Saddle Company. What is the materials price variance?