Milar Corporation makes a product with the following standard costs: Direct materials Direct labor Variable overhead Standard Quantity or Hours 2.0 pounds 1.3 hours 1.3 hours Standard Price or Rate $ 7.00 per pound $11.00 per hour $ 3.00 per hour In January the company produced 5,000 units using 10,310 pounds of the direct material and 2,290 direct labor- hours. During the month, the company purchased 10,880 pounds of the direct material at a cost of $76,760. The actual direct labor cost was $38,241 and the actual variable overhead cost was $11,942. 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