QS 21-7 Materials variances LO P3 Tercer reports the following for one of its products. Direct materials standard (4 lbs. @ $7 per lb.) Actual finished units produced Actual cost of direct materials used $ 28 per finished unit 110,000 units $3,115,000 Compute the total direct materials cost variance and classify it as favorable, unfavorable or no variance. Direct materials cost variance