Direct Materials Variances Tip Top Corp. produces a product that requires 16 standard gallons per unit. The standard price is $9.5 per gallon. If 3,000 units required 49,400 gallons, which were purchased at $9.31 per gallon, 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 b. Direct materials quantity variance. c. Direct materials cost variance