Your Company manufactures a single product. The company uses a standard cost system and has established the following standards for one unit of product: Standard Standard Price Standard Cost per Quantity or Rate Unit 2.3 $5.00 per Direct materials......... $11.50 pounds pound $15.00 per Direct labor......... 1.5 hours $22.500 hour Variable manufacturing overhead.............. $1.25 per 1.5 hours $1.88 hour During March, the following activity was recorded by the company: The company produced 5,000 units during the month. A total of 11,750 pounds of material were used The actual cost of direct materials was $5.13 per pound. 7,400 direct labor hours were worked at a rate of $14.75 per hour. What is the materials price variance?