Question 16 (5 points) Listen Bob Industries, Inc., developed standard costs for direct material and direct labor. In 2020, Bob Industries estimated the following standard costs for one of their major products, the 10-gallon plastic container. Budgeted quantity Budgeted price Direct materials 0.10 pounds $30 per pound Direct labor 0.05 hours $15 per hour During June, Bob Industries produced and sold 5,000 containers using 490 pounds of direct materials and 250 direct manufacturing labor-hours. During June, 500 pounds of direct materials were purchased at a price of $32. The actual cost for direct labor was $15.25 per hour. What is Bob Industries June's direct material price variance? $1,000 favorable $980 unfavorable $980 favorable $1.000 unfavorable