Milar Corporation makes a product with the following standard costs: Standard Quantity or Hours 2.0 pounds 1.1 hours 1.1 hours Direct materials Direct labor Variable overhead Standard Price or Rate $ 7.00 per pound $ 13.00 per hour $ 7.00 per hour In January the company produced 4,800 units using 10,290 pounds of the direct material and 2,270 direct labor-hours. During the month, the company purchased 10,860 pounds of the direct material at a cost of $76,740. The actual direct labor cost was $38,239 and the actual variable overhead cost was $11,940. 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