Genent Industries, Inc. (GII), developed standard costs for direct material and direct labor. In 2020, GII estimated the following standard costs for one of their major products, the 30-gallon heavy-duty plastic container.

Budgeted quantity Budgeted price

Direct materials 0.6 pounds $40 per pound

Direct labor 0.7 hours $16 per hour

During July, GII produced and sold 4,000 containers using 2,700 pounds of direct materials at an average cost per pound of $39 and 2,875 direct manufacturing labor hours at an average wage of $16.40 per hour.

The direct material price variance during July is ________.