Question 8 (7 points) Talladega Industries, Inc., TII) developed the following standard costs for direct material and direct labor for one of their major products, the 10-gallon plastic container Standard quantity, Standard price $30 per Direct materials 0.10 pounds pund $15 per hour Direct labor0.05 hours During August, TIl produced and sold 10,000 containers using 980 pounds of direct materials at an average cost per pound of $32 and 500 direct labor hours at an average wage of $15.25 per hour August's direct material price variance was $1,960 unfavorable $600 favorable $1,360 favorable None of the above is correct