3 10.00 polints Lakewood Inc, uses a standard cost system. Materials standards are 7 components per widget at $12 per component. During August, Lakewood Inc purchased 64,500 components for $768,750, using the components to produce 8,600 widgels a. Calculate the direct materials price variance. (Do not round your intermediate calculations. Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None" for no effect (i.e., zero variance).) Prioe Variance b. Calculate the direct materials quantity vanance. (indicate the effect of variance by selecting Favorable unfavorable", or "None" for no effect?e.. zero variance.) Quantity Vananoe