Crane Industries uses a standard cost system in which direct material is carried at standard cost. Crane has established the following standards for one unit of product: standard quantity of 7 pounds, standard price $1.80 per pound. During January, Crane purchased 166,500 pounds of direct material at a cost of $317,000 and used 149,000 pounds in production of 20,000 units. Calculate the direct materials price variance and indicate whether the variance is favorable or unfavorable. Direct materials price variance $