Jay Enterprises reports the following information regarding the production of one of its products for the month. Compute the direct materials cost variance, the direct materials price variance, the direct materials quantity variance and identify each as either favorable or unfavorable.

Direct materials standard (6 lbs. @ $3/lb.)	$18 per finished unit
Actual direct materials used	179,000 lbs.
Actual finished units produced	30,000 units
Actual cost of direct materials used	$554,900