Dolphin Ceramics produces large planters to be used in urban landscaping projects. A special earth clay is used to make the planters. The standard quantity of clay used for each planter is 24 pounds. Dolphin uses a standard cost of $2.00 per pound of clay Dolphin produced 3,125 planters in May. In that month, 78,125 pounds of clay were purchased and used at the total cost of $150,000. Requirements 1. Calculate the direct material price variance. 2. Calculate the direct material quantity variance