Puvo, Inc., manufactures a single product in which variable manufacturing overhead is assigned on the basis of standard direct labor-hours. The company uses a standard cost system and has established the following standards for one unit of product: Direct materials Direct labor Variable manufacturing overhead Standard Quantity 1.5 pounds 0.6 hours 0.6 hours Standard Price or Standard Rate Cost $ 4.50 per pound $6.75 $12.00 per hour $7.20 $ 2.75 per hour $1.65 During March, the following activity was recorded by the company The company produced 4,200 units during the month A total of 9,800 pounds of material were purchased at a cost of $27,440. There was no beginning inventory of materials on hand to start the month; at the end of the month, 1,960 pounds of material remained in the warehouse . During March, 2,720 direct labor hours were worked at a rate of $12.50 per hour. Variable manufacturing overhead costs during March totaled $4,688 The direct materials purchases variance is computed when the materials are purchased. The materials quantity variance for March is