Direct Materials Variances Bellingham Company produces a product that requires 16 standard pounds per unit. The standard price is $7.5 per pound. If 3,700 units used 61,600 pounds, which were purchased at $7.28 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 OTTA b. Direct materials quantity variance c. Direct materials cost variance