The standards for product ABC call for 5 feet of a raw material that costs $19.10 per foot. Last month, 2,700 feet of the raw material were purchased for $51,435. The actual output of the month was 460 units of product ABC. A total of 2,500 feet of the raw material were used to produce this output. The direct materials purchases variance is computed when the materials are purchased. Required: What is the materials price variance for the month and is it favorable or unfavorable?