Lee Products manufactures faux boulders to be used in vatious landscaping applications, A special resin is used to make the boulders. The standard quantity of resin used for each boulder is 12 pounds. Loo Products uses a standard cost of $2.35 per pound for the resin. The company produced 1.125 bouldere in June. In that month, 12,500 pounds of resin were purchased at a total cost of $30,500. A total of 12,000 pounds were used in producing the boulders in dune. Foad the returements Requirement 1. Calculate the direct material price variance. Begin by determining the formula for the price variance, then compete the price variance for the direct materials. (Einter the variance as a peutive number Enter currency amounts in the formula to the nearest cent and then round the finat variance armount to the noareot whole dollar, Labet the variance as favonble (F) of unfavorable (U). Abbreviatione used: DM = Direct matoriais) (i) Requirements 1. Calculate the direct material price variance. 2. Calculate the direct material quantity variance