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 16.00 per hour $3.00 per hour Unit Direct materials Direct labor Variable overhead 6.4 ounces 0.6 hours 0.6 hours $19.20 $ 9.60 1.80 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 4,400 units 5,500 units 30,700 ounces 1,790 hours 33,100 ounces $117.10 per ounce $107.60 per hour $ 6.30 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