EB5. LO 8.2 Smith Industries uses a cost system that carries direct materials inventory at a standard cost. The controller has established these standards for the cost of one basket (unit): Standard Price Standard Cost Standard Quantity 5 pounds 1.25 hours Direct materials Direct labor Total prime cost $2.60 per pound $12.00 per hour $18.00 $15.00 $33.00 Smith Industries made 3,000 baskets in July and used 15,500 pounds of material to make these units. Smith Industries paid $39,370 for the 15,500 pounds of material. What was the direct materials price variance for July? Please enter your response in the following format $XXX immediately followed by the letter indicated the variance. So, for example, $555F