S 21-7 (Algo) Direct materials variances LO P3 A company reports the following for one of its products. Direct materials standard (6 pounds $7 per pound) Actual units produced Actual cost of direct materials used $ 42 per unit 110,000 units $ 4,633,000 Compute the total direct materials variance and identify it as favorable or unfavorable. (Indicate the effect of the var selecting favorable, unfavorable, or no variance.) Direct materials variance QS 21-9 (Algo) Direct materials price variance LO P3 For the current period, Kay Company's manufacturing operations show a $4,000 unfavorable direct materials price variance. The actual price per pound of material is $85; the standard price is $84.50 per pound. How many pounds of material were used in the current period? Actual pounds used pounds