Grayson Industries has collected the following data for one of its products: Direct materials standard (5 kilograms per unit @ $0.50/kg.) Actual cost of direct materials $2.50 per finished good $70,000 Actual direct materials purchased and used Actual finished goods produced 100,000 kilograms 24,000 units How much is the direct materials price variance at Grayson Industries? 1) $10,000 unfavourable 2) $10,000 favourable 3) $20,000 unfavourable 4) $20,000 favourable