A company's product requires 5 pounds of direct materials per unit at a standard cost of $16 per pound. During the period, the company made 8,020 units, using 41,580 pounds of direct materials at an actual cost of $14 per pound. Compute the direct materials price variance, the direct materials quantity variance, and the total direct materials variance. Indicate whether each variance is favorable or unfavorable. AQ=ActualQuantitySQ=StandardQuantityAP=ActualPriceSP=StandardPrice Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance