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 5.8 pounds 0.5 hours 0.5 hours Standard Price or Standard Rate $ 0.60 per pound $ 3.48 $33.50 per hour $16.75 $8.50 per hour $ 4.25 During March, the following activity was recorded by the company The company produced 2,400 units during the month A total of 19.400 pounds of material were purchased at a cost of $13,580. There was no beginning inventory of materials on hand to start the month at the end of the month, 3,620 pounds of material remained in the warehouse . During March, 1.090 direct labor. hours were worked at a rate of $30.50 per hour. Variable manufacturing overhead costs during March totaled $14,061. The direct materials purchases variance is computed when the materials are purchased. The materials price variance for March is Multiple Choice 440