Please provide the solution to this general accounting question using proper accounting principles.

ABC Manufacturing compiles the following data for job production in November 2023: Cost and Production Data Actual Standard Raw materials unit cost $3.40 $3.25 Raw materials units used 8,500 8,000 Direct Labor Rate $12.50 $12.00 Direct Labor hours worked 5,200 5,000 Manufacturing overhead incurred $95,000 Manufacturing overhead applied $92,500 Calculate the total materials variance and indicate whether it is favorable or unfavorable