Denton's materials quantity variance for the current month was exactly one-half of its materials price variance. Both variances were favorable.

Denton's materials quantity variance for the current month was exactly one-half of its materials price variance. Both variances were favorable. The company's cost accountant has supplied the following standard cost information:

Standard price per pound of materials- $12

Actual pounds purchased and used during the month- 800 pounds

Actual cost per pound of materials purchased and used- $15

Actual units manufactured during the month- 600 units

Normal productive output per month- 700 units

How do I compute Denton's materials price variance?