Milar Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Direct materials 2.0 pounds $ 7.00 per pound Direct labor 1.1 hours $ 19.00 per hour Variable overhead 1.1 hours $ 7.00 per hour In January the company produced 4,800 units using 10,170 pounds of the direct material and 2,150 direct labor-hours. During the month, the company purchased 10,740 pounds of the direct material at a cost of $76,620. The actual direct labor cost was $38,251 and the actual variable overhead cost was $11,952. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The materials price variance for January is: