Chong Corporation recently prepared a flexible budget for water usage at its manufacturing plant. Budgeted water cost at various projected production levels is as follows:

50,000 units	$ 14,000
75,000 units	21,000
90,000 units	25,200

Actual units produced amounted to 60,000. Actual cost incurred for water usage was $14,500. What was Chongs cost variance for water?

Please write your answer with the dollar amount along with whether it is favourable or unfavourable and why.