QUESTIONS Genent Industries, Inc. (GII), developed standard costs for direct material and direct labar. In 2017, Gil estimated the following standard costs for one of their major products, the 30-gallon heavy-duty plastic container. Budgeted quantity. Budgeted price Direct materials 0.50 pounds $50 per pound Direct labor 0.60 hours $13 per hour During July, Gll produced and sold 4000 containers using 2250 pounds of direct materials at an average cost per pound of 547 and 2450 direct manufacturing labor hours at an average wage of $13.50 per hour. The direct material price variance during July is $6750 unfavorable $12,500 unfavorable $12,000 unfavorable $6750 favorable