Find the Direct Material Price Variance:

Sawyer Industries, Inc. (SII), developed standard costs for direct material and direct labor. In 2021, SIl estimated the following standard costs for one of their major products, the 30-gallon heavy-duty plastic container. Direct materials Budgeted quantity 0.20 pounds 0.11 hours Budgeted price $26 per pound $15 per hour Direct labor During July, SII produced and sold 5,000 containers using 1,000 pounds of direct materials at an average cost per pound of $24 and 525 direct manufacturing labor hours at an average wage of $14.75 per hour. July's direct material price variance is: