Direct Materials Variances Bellingham Company produces a product that requires five standard pounds per unit. The standard price is $7 per pound. If2,300 units used 11,300 pounds, which were purchased at 7.21 per pound, what is the direct materials (a) price variance, (b) quantity variance, and (c) cost variance? Entero 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