Company management is analyzing the companys standard cost variances for direct materials for the most recent period. The following information was available from company records. Actual quantity of materials used 48,000 units Budgeted quantity of materials used 44,000 units Actual price paid for materials $4 per unit Budgeted price paid for materials $6 per unit Calculate both the materials price variance and the materials quantity variance for the period. Dont forget to indicate whether the variances are favorable or Unfavorable.