A company has the following standards for manufacturing one unit of its product: Direct Materials: 65 pounds at $3.00 per pound Direct Labor: 4 hours at $24 per hour During May, the company had budgeted to produce 3,600 units of its product, but actually only produced 3,300 units. The following data relate to actual outcomes from May: - The company purchased 228,000 pounds of materials for $615,600. They used all 228,000 pounds of materials in production. - Total direct labor cost amounted to $371,250 for the 14,850 direct labor hours incurred during May. What is the company's direct materials price variance for May? Indicate whether the variance is favorable or unfavorable. $64,350 Favorable $64,350 Unfavorable $68,400 Favorable $68,400 Unfavorable None of the above