Majer Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Direct materials 2.0 ounces $ 8.00 per ounce $ 16.00 Direct labor 0.7 hours $ 14.00 per hour $ 9.80 Variable overhead 0.7 hours $ 6.50 per hour $ 4.55 The company reported the following results concerning this product in February. Originally budgeted output 8,000 units Actual output 7,800 units Raw materials used in production 12,000 ounces Actual direct labor-hours 5,660 hours Purchases of raw materials 13,600 ounces Actual price of raw materials $ 7.75 per ounce Actual direct labor rate $ 13.80 per hour Actual variable overhead rate $ 6.05 per hour 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 February is: