A company developed the following per-unit standards for its product: 5 kilograms of direct materials at $3.00 per kilogram. Last month, 1000 kilograms of direct materials were purchased for $2840. Also last month, 700 kilograms of direct materials were used to produce 133 units. What was the direct materials price variance for last month?

$160 favourable

$12160 favourable

$12160 unfavourable

$160 unfavourable