Direct Materials Variances Bellingham Company produces a product that requires eight standard pounds per unit. The standard price is $10 per pound. If 6,300 units used 51,400 pounds, which were purchased at $9.5 per pound, what is the direct materials (4) price variance, (b) Quantity vanance, and (1) 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 Direct matenas cost variance