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Thurston Company's budget allows for one pound of material to be used for each unit produced.The budget indicates that the material costs $2.50 per pound. Actual units produced totaled 8,000.The company used a total of 8,200 pounds of material at an actual cost of $2.40 per pound. The material price and material quantity variances, respectively, would be: O Favorable Material Price Variance and Favorable Material Quantity Variance Favorable Material Price Variance and Unfavorable Material Quantity Variance O Unfavorable Material Price Variance and Favorable Material Quantity Variance Unfavorable Material Price Variance and Unfavorable Material Quantity Variance