Banks Corporation has the following information for direct materials for the latest period.

$\backslash$table$[[\backslash$table$[[$BANKS CORPORATION$],[$INFORMATION FOR DIRECT MATERIALS$],[$FOR THE LATEST PERIOD$]]],[$Standard price per unit of direct materials,$$,15\mathrm{.}00],[$Actual price per unit of direct materials,$$,16\mathrm{.}50],[$Budgeted units of output,,$45,000],[\backslash$table$[[$Standard quantity of direct materials allowed per unit$],[$of output$]],,3$ units$],[$Actual units of direct materials used,,$40,000],[$Actual units of direct materials purchased,,$50,000],[$Actual units of output produced,,$14,000]]$

The company calculates its price variance based on quantity purchased.

What is the direct materials quantity variance?

$$30,000$ favorable.

$$120,000$ unfavorable.

The company calculates its price variance based on quantity purchased.

What is the direct materials quantity variance?

$$30,000$ favorable.

$$120,000$ unfavorable.

$$30,000$ unfavorable.

$$150,000$ unfavorable.