The Company developed standard costs for direct material and direct labor. In 2022, the Company estimated the following standard costs for one of their major products, the 10-gallon plastic container. Budgeted quantity Direct materials 0.70 pounds Direct labor 0.10 hours Budgeted price $70 per pound $35 per hour During June, the Company produced and sold 25,000 containers using 23,000 pounds of direct materials at an average cost per pound of $75 and 17,500 direct manufacturing labor-hours at an average wage of $35.75 per hour. The direct material price variance during June is: O $500,000 favorable $13.125 favorable O $115,000 favorable $500,000 unfavorable O $13.125 favorable O $115,000 unfavorable