Smyer Corporation makes a product with the following standard costs: Direct materials Direct labor Variable overhead Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit 5.8 pounds 1.7 hours $14.00 per pound $29.00 per hour $81.20 $ 49.30 1.7 hours $ 7.00 per hour $ 11.90 The company reported the following results concerning this product in July. Originally budgeted output Actual output Raw materials used in production Actual direct labor-hours Purchases of raw materials Actual price of raw materials Actual direct labor rate Actual variable overhead rate 5,600 units 5,420 units 33,820 pounds 9,220 hours 36,260 pounds $ 14.19 per pound $31.00 per hour $ 6.25 per hour The materials price variance is recognized when materials are purchased. Variable overhead is applied on the basis of direct labor-hours. (Round your answer to the nearest whole dollar amount.) Required: a. Compute the materials quantity variance. Materials quantity variance