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Cole Laboratories makes and sells a lawn fertilizer called Fastgro. The company has developed standard costs for one bag of Fastgro as follows:
Standard Quantity

Standard Cost per bag


Direct material

20 pounds

$8.00

Direct labor

0.1 hours

$1.10

Variable overhead

0.1 hours

$0.40

The company had no beginning inventories of any kind on January 1. Variable overhead is applied to production on the basis of standard directlabor hours. During January, the company recorded the following activity:
 Production of Fastgro: 4,000 bags
 Direct materials purchased: 85,000 pounds at a cost of $32,300
 Directlabor worked: 390 hours at a cost of $4,875
 Variable overhead incurred: $1,475
 Inventory of direct materials on January 31: 3,000 pounds
The materials price variance for January is
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