Direct Materials Variances Venneman Company produces a product that requires 7 standard pounds per unit. The standard price is $7.50 per pound. If 5,200 units required 35,700 pounds, which were purchased at $7.72 per pound, what is the direct materials (a) price variance, (b) quantity variance, and (c) total direct materials 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 $ 78,540 Unfavorable b. Direct materials quantity variance $ -52,500 Favorable c. Total direct materials cost variance 26,040 Unfavorable