Alan Products manufactures faux boulders to be used in various landscoping applications. A special resin is used to make the boulders. The standard quantity of resin used for each boulder is 5 pounds. Alan Products uses a standard cost of $2.00 per pound for the resin. The compory produced 2,,650 boulders in June. In that month, 12,500 pounds of fesin were purchased at a 10tal cost of 526,000 . A total of 12.250 pounds were used h producing the boulders in June. Read the tecurements Requirement 1. Calculate the direct material price variance. Begin by determining the formula for the price variance, then compute the price variance for the diect materias. (Enter the variance as a posiliv number. Enter cumrency amounts in the formult to the newast cent and then round the final variance amount to tho neorest whole dolar. Label the variance as favoritie (f) or unfarorabie (U). Abbrevabions used: DM = Direct maserials)