Direct materials variances Bellingham Company produces a product that requires 2.3 standard pounds per unit. The standard price is $3.65 per pound. 15,500 units used 35,000 pounds, which were purchased at $3.85 per pound. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. X Open spreadsheet 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 variance as a negative number using a minus sign-and an unfavorable variance as a positive number. sign and an a. Direct materials price variance b. Direct materials quantity variance c. Direct materials cost variance Feedback $ $ $ 7,000 -2,373 78,175 X Unfavorable Favorable Unfavorable Check My Work Unfavorable variances can be thought of as increasing costs (a debit). Favorable vanances can be thought of as decreasing costs (a credit) Cost variance is the difference between the actual and standard total cost