Ch. 7 - Hefty, Inc., developed standard costs for direct material and direct labor. In 2024, Hefty estimated the following standard costs for one of their major products, the 30-gallon heavy-duty plastic container. Budgeted Budgeted price quantity Direct materials 0.20 pounds Direct labor $40 per pound 0.10 hours $18 per hour During July, Hefty produced and sold 4,000 containers using 1,000 pounds of direct materials at an average cost per pound of $37 and 475 direct manufacturing labor hours at an average wage of $18.75 per hour. The direct material efficiency variance during April is $7,400 favorable $8,000 unfavorable $5,000 unfavorable $5,000 favorable