Problem $1-$ Direct Materials Variances

Bellingham Company produces a product that requires $7$ standard pounds per unit. The standard price is $$5$ per pound. If $3,500$ units used $25,500$ pounds, which were purchased at $$5\mathrm{.}15$ per pound, what is the direct materials $($a$)$ price variance, $($b$)$ quantity variance, and $($c$)$ cost variance? Show a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.