Concord Company purchased (at a cost of $8,960) and used 2,120 pounds of materials during May. Concords standard cost of materials per unit produced is based on 2.00 pounds per unit at a cost $5.40 per pound. Production in May was 920 units. (a) Compute the total, price, and quantity variances for materials.

Total Materials Variance		$enter Total Materials Variance in dollars		select an option Neither favorable nor unfavorableFavorableUnfavorable
Materials Price Variance		$enter Materials Price Variance in dollars		select an option UnfavorableFavorableNeither favorable nor unfavorable
Materials Quantity Variance		$enter Materials Quantity Variance in dollars		select an option FavorableNeither favorable nor unfavorableUnfavorable