Direct Materials Variances Venneman Company produces a product that requires 10 standard pounds per unit. The standard price is $3.50 per pound. If 6,400 units required 62,100 pounds, which were purchased at $3.61 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 b. Direct materials quantity variance 6,831 Favorable c. Total direct materials cost variance