Patriot Company produces flak jackets for military use. The company recently adopted a standard costing system and set the following standards for materials known as Ballistic Nylon: unit Direct materials: 8 yards of nylon @ $ ? per yard $32 per During the most recent month, Patriot produced 5,500 units of flak jackets. Actual materials purchased and used were 40,000 yards of nylon at the price of $4.20 per yard. What are the (1) direct materials price variance and (2) direct materials quantity variance? (1) $8,000 U; (2) $16,000 F (1) $16,000 F; (2) $8,800 U (1) $8,000 F; (2) $16,800 F (1) $16,800 F; (2) $8,000 F