Milar Corporation makes a product with the following standard costs: Milar Corporation makes a product with the following standard costs:

In January the company produced $4,700$ units using $10,280$ pounds of the direct material and $2,260$ direct labor$-$hours. During the month, the company purchased

$10,850$ pounds of the direct material at a cost of $$76,730.$ The actual direct labor cost was $$38,238$ and the actual variable overhead cost was $$11,939.$

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:

Standard Quantity or Hours Standard Price or Rate

Direct materials $2\mathrm{.}0$ pounds $ $7\mathrm{.}00$ per pound

Direct labor $1\mathrm{.}0$ hours $ $14\mathrm{.}00$ per hour

Variable overhead $1\mathrm{.}0$ hours $ $6\mathrm{.}00$ per hour

In January the company produced $4,700$ units using $10,280$ pounds of the direct material and $2,260$ direct labor$-$hours. During the month, the company purchased $10,850$ pounds of the direct material at a cost of $$76,730.$ The actual direct labor cost was $$38,238$ and the actual variable overhead cost was $$11,939.$

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: