Saved Widget Works produces widgets and adopts a standard cost system. Each widget requires a standard quantity of 7 components, and the standard cost of each component is $8. During July, Widget Works produced 8,900 widgets. In that month, 65,000 components were purchased and used at the total cost of $516,600. a. Calculate the direct materials price variance. (Do not round your intermediate calculations. Indicate the effect of variance by selecting "Favorable". "Unfavorable", or "None" for no effect (i.e., zero variance).) Price Variance Favorable None Unfavorable b. Calculate the direct materials quantity variance. (Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None" for no effect i.e., zero variance).) Quantity Variance