A company reports the following for one of its products.

Direct materials standard $(2$ pounds @ $$5$ per pound$)$ $ $10$ per unit

Actual units produced $50,000$ units

Actual cost of direct materials used $ $516,000$

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.$)$