Direct Materials Variances Bellingham Company produces a product that requires 12 standard pounds per unit. The standard price is $10 per pound. If 2,000 units used 24,700 pounds, which were purchased at $10.5 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 Favorable b. Direct materials quantity variance Favorable c. Direct materials cost variance Unfavorable