R Inc. has provided the following information. Budgeted production: 7000 units Actual production: 7665 units Standards Direct materials 10 lbs per unit Direct labor 2 hours per unit Variable overhead 2 hours per unit Actual results Direct materials purchased 75199 lbs Direct materials used 75071 lbs: Direct labor 15704 hours Variable overhead $192008) $348775 $292548 $2.90 per lb) $23 per hour $18 per hour Compute the materials price variance. Round ONLY your final answer to dollars and enter either as a positive number for a favorable variance or negative if unfavorable. Do NOT round intermediate calculations