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At the beginning of 2003, Grub Chemical Company developed cost standards for the production of its new product, Choco. The variable cost standards below relate to each 10-gallon batch of Choc Standard Cost Per Batch Milk chocolate (2 pounds $0.85 per pound) $1.70 $15.00 Direct labor (1.25 direct labor hours $12.00 per hour) Variable overhead (1.25 direct labor hours a $44.00 per hour) $55.00 Variable overhead at Grub is based on direct labor hours. The actual results for 2003 were as follows: 3,800 Number of batches produced 4,510 Direct labor hours incurred 9,000 Pounds of milk chocolate purchased Pounds of milk chocolate used in production 7,880 $7,200 Cost of chocolate purchased $53,218 Direct labor cost $205 700 Variable overhead cost 6. What is Choco's materials (milk chocolate) price variance for 2003