2. Smith Industries uses a cost system that carries direct materials inventory at a standard cost. The controller has established these standards for the cost of one basket (unit): Standard Price Standard Cost Standard Quantity 5 pounds 1.25 hours Direct materials Direct labor Total prime cost $2.60 per pound $12.00 per hour $18.00 $15.00 $33.00 Smith Industries made 3,000 baskets in July and used 15,500 pounds of material to make these units. Smith Industries paid $39,370 for the 15,500 pounds of material. A. What was the direct materials price variance for July? B. What was the direct materials quantity variance for July? C. What is the total direct materials cost variance