6 Que 3 - Ch. 23 Assignmer x 6+0 \"6'- Ch. 23 Assignment 0 Saved Help Save & Exit Submit Check my work 05 23-7 (Algo) Direct materials variances LO P3 4.16 A company reports the following for one of its products. points Direct materials standard (5 pounds @ $8 per pound) $ 40 per unit Actual units produced 80,000 units Actual cost of direct materials used S 3,232,000 egook Compute the total direct materials variance and identify it as favorable or unfavorable. (Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.) Hint \"El Pm\" Favorable Unfavorable TI References No variance MC Graw Hill