QS 21-7 (Algo) Direct materials variances LO P3 A company reports the following for one of its products. Direct materials standard (4 pounds e $7 per pound) Actual units produced Actual cost of direct materials used $28perunit110,000units$3,115,000 Compute the total direct materials variance and identify it as favorable or unfavorable. (Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.)