Majer Corporation makes a product with the following standard costs Standard Cost Per Standard Quantity or Hours Standard Price or Rate $ 3.00 per ounce 10.00 per hour $ 3.00 per hour Unit Direct materials Direct labor Variable overhead 6.5 ounces 0.7 hours 0.7 hours $19.50 7.00 s 2.10 The company reported the following results concerning this product in February Originally budgeted output Actual output Raw materials used in production Actual direct labor-hours Purchases of raw materials Actual price of raw materials Actual direct labor rate Actual variable overhead rate 5,600 units 5,200 units 31,100 ounces 7,990 hours 33,500 ounces $ 122.90 per ounce $ 132.40 per hour $ 5.10 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 quantity variance for February is