Direct materials variances Bellingham Company produces a product that requires 2.3 standard pounds per unit. The standard price is $3.20 per pound. 16,000 unis used 35,700 pounds, which were purchased at $3.40 per pound. This information has been collected in the Microsoft Excel Online le. Open the 5 questions below. Open spreadsheet preadsheet, perform the required analysis, and input your answers in the What is the direct materials (a) price variance, (b) quantity variance, and (c) cost variance? Round your answers to the nearest dollar. Enter a favorable a. Direct materials price variance b. Direct materials quantity variance