Puvo. Incorporated, 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 Standard Quantity Standard Price or Rate Standard Cont Direct materials 1.5 pounds $ 5.25 per pound $ 7.88 Direct labor 0.5 hours $ 15.00 per hour $ 7.50 Variable manufacturing overhead 0.5 hours $ 3.50 per hour $ 1.75 During March, the following activity was recorded by the company: The company produced 4,800 units during the month A total of 10,700 pounds of material were purchased at a cost of $29.960 There was no beginning inventory of materials on hand to start the month at the end of the month, 2,140 pounds of material remained in the warehouse . During March, 2.600 direct labor hours were worked at a rate of $15.50 per hour. Variable manufacturing overhead costs during March totaled $4,750. The direct materials purchases variance is computed when the materials are purchased The materials quantity variance for March is