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: