Milar Corporation makes a product with the following standard costs: Direct materials Direct labor Variable overhead Standard Quantity or Hours 2.0 pounds 0.9 hours 0.9 hours Standard Price or Rate $ 7.00 per pound $15.00 per hour $ 5.00 per hour In January the company produced 4,600 units using 10,270 pounds of the direct material and 2,250 direct labor-hours. During the month, the company purchased 10,840 pounds of the direct material at a cost of $76,720. The actual direct labor cost was $38,237 and the actual variable overhead cost was $11,938. 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