Fairfield $Co.$ has collected the following information about its production activities for the current year:

Actual costs and quantities:

Direct materials used $95,000$ lbs$.$ @ $$6\mathrm{.}30$ per lb$.$

Units completed during the year, $50,000$ units

Standard costs and quantities:

Price per lb$.$ of direct material, $$6\mathrm{.}05$

Two lbs$.$ of direct material per unit

Calculate the direct materials price and quantity variances and indicate whether each is favorable or unfavorable.