What is the material price variance for May? Please see table below.

Standard Quantity or Standard Cost Per Hours Standard Price or Rate Unit Direct materials 7.1 ounces $ 4.00 per ounce $ 28.40 Direct labor 0.8 hours $ 15.00 per hour $ 12.00 Variable overhead 0.8 hours $ 4.00 per hour $ 3.20 The company reported the following results concerning this product in May.l E Originally budgeted output 2,500 units Actual output 3,000 units Raw materials used in production 18,300 ounces Purchases of raw materials 19,400 ounces Actual direct labor-hours 4,600 hours Actual cost of raw materials purchases $ 45,100 Actual direct labor cost $ 12,500 Actual variable overhead cost $ 3,250 What is the material price variance for May