Feeney Company developed the following standard costs for its product for 2009: FEENEY COMPANY Standard Cost Card X Cost Elements Standard Quantity Standard Price Standard Cost Direct materials 4 pounds $ 5 $20 Direct labor 2 hours 10 20 Variable overhead 2 hours 4 8 Fixed overhead 2 hours 2 4 $52 The company expected to work at the 60,000 direct labor hours level of activity and produce 30,000 units of product. . Actual results for 2009 were as follows: 28,400 units of product were actually produced. Direct labor costs were $546,000 for 56,000 direct labor hours actually worked. Actual direct materials purchased and used during the year cost $554,400 for 115,500 pounds. Total actual manufacturing overhead costs were $340,000 . Instructions Compute the following variances for Feeney Company for 2009 and indicate whether the variance is favorable or unfavorable. 1. Direct materials price variance. 2. Direct materials quantity variance