Flexer Company Ltd has set the following standards for the production of one unit of product. Normal production each month is 500 units.

Standard costs are:

Direct material: 8kgs at $6.50 per unit

Direct labour: 4 hours at $7.00 per hour

During June the actual costs to product 420 unit were:

Direct material: 3500kg with total cost $21875

Direct labour: 1720 hours with total wages cost of $12212

Note all of the direct material was purchased and used in the same month (i.e. Purchased quantity = quantity used)

What is the direct material price variance for this month?