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 7.80 pounds 0.40 hours 0.40 hours Standard Price or Rate $ 1.10 per pound $53.50 per hour $10.50 per hour Standard Cost $ 8.58 $ 21.40 $ 4.20 During March, the following activity was recorded by the company: The company produced 4,400 units during the month. A total of 21,400 pounds of material were purchased at a cost of $15,580. There was no beginning inventory of materials on hand to start the month, at the end of the month, 5,620 pounds of material remained in the warehouse. . During March, 1,290 direct labor-hours were worked at a rate of $50.50 per hour. Variable manufacturing overhead costs during March totaled $16,061. The direct materials purchases variance is computed when the materials are purchased. The variable overhead rate variance for March is