Paw-Paw Products produces and sells flannel covered dog beds. The production manager of the company reports the following data for the production of a single dog bed: Standard material for each unit: 5 yards @ $1.50 per yard ($7.50 per unit) Planned production Actual production Direct materials purchased and used in production Cost of direct materials purchased 8,000 beds 8,500 beds 44,000 yards $70,400 The amount of direct materials price variance and direct materials quantity variance are as follows: Price Variance Quantity Variance $4,400 Unfavorable $2,250 Unfavorable $4,400 Favorable $2,250 Favorable $4,400 Unfavorable $6,000 Unfavorable $4,400 Favorable $6,000 Favorable