Milar Corporation makes a product with the following standard costs: Direct materials Direct labor Variable overhead Standard Quantity or Hours 2.0 pounds 1.6 hours 1.6 hours Standard Price or Rate $ 7.00 per pound $14.00 per hour $ 2.00 per hour In January the company produced 4,600 units using 10,220 pounds of the direct material and 2,200 direct labor- hours. During the month, the company purchased 10,790 pounds of the direct material at a cost of $76,670. The actual direct labor cost was $38,246 and the actual variable overhead cost was $11,947. 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