Question 1 Thrope, Inc. purchased 1,700 pounds of direct material at a price of $1.30 per pound. The standard price of the material is $1.40 per pound Thrope used 1,200 pounds in production while the standard pounds allowed for actual production was 900 Calculate the direct materials price and quantity variances and indicate whether the variances are favorable or unfavorable. Direct material price variance Direct material quantity variance