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: Direct material standards: ?yards of nylon @ $4 per yard $32 per unit 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 $3.80 per yard. What are the (1) direct material price variance and (2) direct material quantity (usage) variance? (1) $16,000 F; (2) $8,800 F O (1) $16,800 F; (2) $8.800 F (1) $8,000 F: (2) $16,000 F O (1) $8,000 U: (2) $16,000 F