The following materials standards have been established for a particular product:

Standard quantity per unit of output: 5.5 meters

Standard price: $18.10 per meter

The following data pertain to operations concerning the product for the last month:

Actual materials purchased: 8,700 meters

Actual cost of materials purchased: $163,560

Actual materials used in production: 8,200 meters

Actual output: 1,460 Units

What is the materials price variance for the month? Was it favorable or unfavorable?