2. Direct Materials (DM) Variances: Honest Joe, Corp. has set the following standards for direct materials (DM) costs per unit for the good it manufactures: Standard Quantity: 5.1 ounces per unit Standard Price: $3.90 per ounce During the month of August, the firm incurred the following actual DM costs to produce 35,000 units: Actual Total Quantity: 180,700 total ounces Actual Total DM Cost: $692,100 a. b. Calculate the DM cost variance. Indicate whether this variance is favorable (F) or unfavorable (U). Calculate the DM price variance. Indicate whether this variance is favorable (F) or unfavorable (U). Calculate the DM quantity variance. Indicate whether this variance is favorable (F) or unfavorable (U). C