The Bee Gees Company uses standard costing. During 2013, 12,000 pounds of direct material were purchased at an average cost of $5.20 per pound. Also, during 2013, 10,500 pounds of direct material were used to produce 5,000 units. For 2013, the standards for direct materials were 2 pounds per unit at $5.50 per pound. Compute the direct materials price variance for 2013.