Puvo, |nc., manufactures a single product in which variable manufacturing overhead is assigned on the basis of standard direct laborhours. The company uses a standard cost system and has established the following standards for one unit of product: Standard Price Standard Standard Quantity or Rate Cost Direct materials 6 . 50 pounds $ 1 . 30 per pound $ 8 . 45 Direct labor 0 . 40 hours $ 40 . 50 per hour $ 16 . 20 Variable manufacturing overhead 0 . 40 hours $ 9 . 20 per hour $ 3 . 68 I' During March, the following activity was recorded by the company: . The company produced 3,100 units during the month. . A total of 20,100 pounds of material were purchased at a cost of $14,280. - There was no beginning inventory of materials on hand to start the month; at the end of the month, 4,320 pounds of material remained in the warehouse. . During March, 1,160 direct labor-hours were worked at a rate of $37.50 per hour. . Variable manufacturing overhead costs during March totaled $14,761. The direct materials purchases variance is computed when the materials are purchased. The variable overhead rate variance for March is