Jacques Company planned to use 18,000 pounds of material costing $2.50 per pound to make 4,000 units of its product. In actually making 4,000 units, the company used 18,800 pounds that cost $2.54 per pound.

Calculate the direct materials price and quantity variances and indicate whether the results are favorable or unfavorable.

Please write step by step how you got the answers. Thank you