Question 1 1 Point Giant Industries, Inc. (GII), developed standard costs for direct material. In 2021, GIl estimated the following standard costs for one of their major products, the 30-gallon heavy-duty plastic container: BUDGETED PRICE - Direct materials 540 per pound; BUDGETED QUANTITY - Direct materials 0.20 pounds. During July, Gll produced and sold 4,000 containers using 1,000 pounds of direct materials at an average cost per pound of $37. What is the direct material quantity variance during July? A $5,000 unfavorable B $8,000 unfavorable $5,000 favorable $7,400 favorable