Five Rings, Inc, has collected the following data on one of its products: Use the table below for questions : The actual cost of the direct materials used is for Questions 8-10 $4 per Direct materials standard (4 lbs. @ finished $1/1b.) unit Total direct $13,750 materials cost variance unfavorable Actual direct 150,000 materials used lbs. Actual finished units 30,000 produced units $158,750 $106,250 $133,750 $150,000 The direct materials quantity variance is: $30,000 unfavorable $30,000 favorable $13,750 unfavorable O $16,250 favorable The direct materials price variance is: $16,250 unfavorable $30,000 unfavorable $13,750 unfavorable $16,250 favorable