The Bowden Corporation makes a single product. Only one kind of direct material is used to make this product. The company uses a standard cost system. The company's cost records for June show the following data: Number of units produced 10,000 Material price variance $8,400 Favorable Material quantity variance $8,000 Unfavorable Actual direct material purchased and used 21,000 pounds Direct materials standard price $8 per pound There were no beginning inventories of direct materials. The actual cost of direct material was: There were no beginning inventories of direct materials. The actual cost of direct material was: Multiple Choice $8.12 per pound $7.42 per pound O $7.60 per pound $8.00 per pound