Luc, Inc., manufactures a single product. The company uses a standard cost system and has established the following direct material standards for one unit of product: Standard Standard Price untity 2.0 pounds Direct materials... $4.00 per pound During March, the following activity was recorded by the company: - The company produced 4,000 units during the month, which was 500 less than budgeted. - A total of 10,000 pounds of material were purchased at a cost of $38,000 - There was no beginning inventory of materials on hand to start the month; at the end of the month, 3,000 pounds of material remained in the warehouse 1. The materials price variance for March is (indicate amount and if variance is favorable or unfavorable) 2. The materials quantity variancee for March is (indicate amount and if variance is favorable or unfavorable)