SuperPreak has the following direct materials standard for its product: 2 lbs. of material per widget at $18.00 per lb. Last month, 3,555 lbs. were purchased to make 1700 widgets. The materials cost a total of $62,212. Calculate the price variance, quantity variance and spending variance. Also indicate whether the variances are favorable or unfavorable.

Price Variance Quantity Variance Spending Variance