Response to the following problem:
The following material's standards have been established for a particular product:
Standard quantity per unity of output..... 4.6 feet
Standard price...... $19.25 per feet
The following data pertain to operations concerning the product for the last month:
Actual materials purchased...... 3,200 feet
Actual cost of materials purchased...... $63,200
Actual materials used in production...... 2,900 feet
Actual output...... 800 units
What is the materials price variance for the month?