Willow Inc. has provided the following information:

Standards:		Per unit
Direct materials	10 lb @ $3.60/lb	$	36.00
Direct labor	2 hours @ $24.50/hour		49.00
Variable overhead	2 hours @ $18/hour		36.00
Fixed overhead			20.00
Total		$	141.00

Budgeted production = 7,400 units

Actual results
Materials	76,460	lbs	$	273,451
Direct labor	14,450	actual hours	$	345,230
Variable overhead			$	266,640
Fixed overhead			$	144,870
Units produced	7,500	units

a. Calculate the direct materials price variance. (Do not round your intermediate calculations. Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None" for no effect (i.e., zero variance).)