Milar Corporation makes a product with the following standard costs:

Standard Quantity or Hours Standard Price or Rate

Direct materials $7\mathrm{.}7$ pounds $ $4\mathrm{.}00$ per pound

Direct labor $0\mathrm{.}1$ hours $ $20\mathrm{.}00$ per hour

Variable overhead $0\mathrm{.}1$ hours $ $4\mathrm{.}00$ per hour

In January the company produced $2,000$ units using $16,060$ pounds of the direct material and $210$ direct labor$-$hours. During the month, the company purchased $16,900$ pounds of the direct material at a cost of $$65,910.$ The actual direct labor cost was $$4,473$ and the actual variable overhead cost was $$756.$

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 January is: