Blossom, Inc. purchased 1,930 pounds of direct materials at a price of $1.50 per pound. The standard price of the material is $1.60 per pound. Blossom used 1,730 pounds in production while the standard pounds allowed for actual production was 1,530 . Calculate the direct materials price and quantity variances and indicate whether the variances are favorable or unfavorable. Direct materials price variance $ Direct materials quantity variance $