A company producing a single product employs the following direct materials cost standard for each unit of output: 3 pounds of materials * $4 per pound = $12 per output unit Data regarding the operations for the current month are as follows: Planned production 26,000 units Actual production 23,000 units Actual purchases of direct materials (75,000 pounds) $297,000 Direct materials used in production 70,000 pounds What would be the amount of the direct materials purchase price varlance and direct materials quantity varlance that the company would recognize for the month? Purchase Price Variance Quantity Variance $3,000 favorable $24,000 unfavorable OA B. $3,000 favorable $4,000 unfavorable . C. $2,800 favorable $4,000 unfavorable OD. $3,120 favorable $32,000 favorable