Direct Materials Variances Alvarado Company produces a product that requires seven standard pounds per unit. The standard price is $8.50 per pound. If 5,100 units used 34,300 pounds, which were purchased at $8.67 per pound, what is the direct materials (a) price variance, (b) quantity variance, and (c) cost variance? Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. a. Direct materials price variance b. Direct materials quantity variance c. Direct materials cost variance Unfavorable Favorable Favorable