A company reports the following for one of its products. Direct materials standard ( 5 pounds e \\( \\$ 8 \\) per pound) Actual units produced Actual cost of direct materials used \\[ \\begin{array}{r} \\$ 40 \\text { per unit } \\\\ 80,000 \\text { units } \\\\ \\$ 3,232,000 \\end{array} \\] Compute the total direct materlals variance and identify it as favorable or unfavorable, (Indicate the effect of the voriance by selecting favorable, unfavorable, or no variance.)