Balt Company maintains a standard cost system; as such, all inventories, including materials, are carried on the books at standard cost. Last period, Balt used 6,000 pounds of Material H to produce 800 units of Product C8. The company has established a standard of 7 pounds of Material H per unit of C8, at a price of $7.50 per pound of material. During the period, Balt purchased 3,000 pounds of Material H. The company spent $20,000 during the period to purchase material H. Required: Note whether variances are favorable or unfavorable 1. Calculate the direct materials purchase-price variance for the period, rounded to the nearest dollar. 2. Calculate the direct materials usage variance for the period, rounded to the nearest whole dollar