A company reports the following for one of its products. Direct materials standard (5 pounds @ $10 per pound) Actual units produced Actual cost of direct materials used $ 50 per unit 80,000 units $ 4,029,000 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.) Direct materials variance Favorable Unfavorable No variance