Direct Materials Variances Tip Top Corp. produces a product that requires 11 standard gallons per unit. The standard price is $8 per gallon. If 3,800 units required 42,600 gallons, which were purchased at $7.6 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