Select the correct statement from the following, assuming li Tomac Racing Company had a favorable direct materials price variance of $3,000 and an unfavorable direct materials usage variance of $2,000

The total direct materials variance is $5,000 unfavorable. The total direct materials variance is $1,000 favorable. The total direct materials variance is $1,000 unfavorable. The total direct materials variance is $5,000 favorable.