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 1.5 hours $ 15.00 per hour Variable overhead 1.5 hours $ 3.00 per hour In January the company produced 4,500 units using 10,210 pounds of the direct material and 2,190 direct labor-hours. During the month, the company purchased 10,780 pounds of the direct material at a cost of $76,660. The actual direct labor cost was $38,247 and the actual variable overhead cost was $11,948. 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: