Direct Materials Variances

Venneman Company produces a product that requires 8 standard pounds per unit. The standard price is $2.50 per pound. If 6,300 units required 48,400 pounds, which were purchased at $2.55 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	$fill in the blank 1	FavorableUnfavorable
b. Direct materials quantity variance	$fill in the blank 3	FavorableUnfavorable
c. Total direct materials cost variance	$fill in the blank 5	FavorableUnfavorable